Russia's Vneshtorgbank to take part in Azeri oil&gas projects

During a meeting between VTB President and CEO Andrei Kostin and Azerbaijani President Ilham Aliyev in Baku on Monday, the sides also discussed cooperation in the financial sphere, including expanding bilateral trade and increasing participation by Russian investors in the economy in Azerbaijan.

"Vneshtorgbank is considering the possibility of implementing large joint projects in the gas and oil production sectors in partnership with the State Oil Company of the Azerbaijani Republic, and also the possibility of organizing financing for investment projects in a number of other sectors of the republic's economy, particularly the food industry and construction," the press release quoted Kostin as saying.

VTB is also considering the possibility of acquiring a majority stake in an Azeri bank in 2006, Interfax reports.

Vneshtorgbank was in second place in terms of assets in the Interfax-100 rating of Russia's largest banks in 2005.

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