Today in Moscow Vagit Alekperov, President of LUKOIL, and Andrey Kazmin, Chairman of the Board of Russia’s Sberbank (State Savings Bank), signed a General Cooperation Agreement.

In the frame of this Agreement Sberbank will give a150 million dollar loan to LUKOIL.

The loan will be used for projects aimed at increasing oil extraction and refining volumes. The terms of the three-year loan are more advantageous than those offered by Western banks.

«Cooperation between our companies is a striking example when one of Russia’s largest financial institution invests into the production sector of the national economy»,- the President of LUKOIL noted at the signing ceremony.

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