Medvedev hopes, volume of Russian-Italian business can reach its pre-crisis level in 2012

The Russian PM, Dmitry Medvedev hopes the volume of Russian-Italian business can reach its pre-crisis level this year. “Actually, our trading and economic relations are developing favourably, in spite of the problems in the world and European economy. It’s time to talk business and summarize some results”, he said at the meeting with Mario Monti, having noted that a number of important documents would be signed during the visit of Italian PM to Russia.

The Russian Rosneft and the Italian Eni signed an agreement about the financing of geological exploration at three licensed sectors of Russian shelf: Fedynsky and Central Barents in the Barents Sea, as well as Western Black Sea licensed area in the Black Sea.

The agreement stipulates that Eni will fully finance geological exploration, provided by the licensed liabilities. The geological exploration costs in addition to the licensed liabilities will be divided between the companies in accordance with their shares in the projects (Eni – 33.33% and Rosneft – 66.67%). Eni will also compensate the main part of the historic expenditures for already completed geological exploration at the sectors of Russian shelf.

The financing provided by Eni will be compensated due to the cash flows of the project after the extraction starts at any of these sectors. Rosneft will have no liabilities to return the financing if nothing is extracted in the framework of the projects.

In June 2012 Rosneft and Eni signed a new agreement about joint shelf and other projects at St. Petersburg Economic Forum. “We believe, entering the international oil-refining projects in Europe and North Africa is prospective”, Head of Rosneft, Igor Sechin said.

Norilsk Nickel and the Italian Tekint have recently signed a contract for the development and delivery of the documents for the reconstruction of elemental sulfur production at the copper plant and Nadezhdinsky metallurgical plant of Transpolar subsidiary of Norilsk Nickel. The Total amount of the contract, consisting of two phases, makes up $1.8 billion, including $170 million  for the first phase.

The contract will be fulfilled in 2015-2016, Head of Norilsk Nickel Vladimir Strzhalkovsky said. He specified, initially the fulfillment was planned for 2014, however, long coordination moved the terms. “Some objects will be completed in 2015, some – in 2016”, he said.

Strzhalkovsky emphasized, the contract was unique for Russia. “It’s not easy for the company to invest 2 billion USD in ecology and obtain nothing but fresh air”, he noted, having added that Norilsk Nickel was the pioneer in environmental protection. As he specified, if the program succeeds, Italian company will obtain serious opportunities for further work in Russia.

The Head of Norilsk Nickel pointed out, a European consortium would work at the contract. “There are French, Austrian and Belgian technologies”, he said.

Besides, today Gazprombank Plc. and Italian bank Intesa Sanpaolo signed an agreement about the foundation of a joint private equity fund to support Italian and Russian business in Russia and the EU.

 

Source: http://spb.rbc.ru/topnews/23/07/2012/661155.shtml

Translated by Alexandra Utyasheva

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