Head of VEB Capital participated in the forum The Penetration of Natural Gas in Greece


Head of VEB Capital participated in the forum The Penetration of Natural Gas in Greece

CEO of LLC «VEB Capital» Timophey Hryapov participated in the forum «The Penetration of Natural Gas in Greece» (Athens). The main theme of the event was the presentation of the South-European gas pipeline (South European Pipeline (SEP) project.

Forum «The Penetration of Natural Gas in Greece» was held in Athens on 9 July 2015. The event was organized by the Greek Research Center energy management. The forum was attended by representatives of major financial institutions and investment companies, representatives from business, federal and regional authorities.

The position of the Hellenic Republic to implement the project were presented by Minister of industrial reconstruction, energy and environment Panagiotis Lafazanis. In his opinion, «the draft SEP is of great importance for the Republic, especially in the current economic situation.» The Minister emphasized the importance of participation in the project as a partner of the Russian subsidiary of Vnesheconombank — «VEB Capital». It is expected that the project Russia and Greece will establish a joint venture on a parity basis, «VEB Capital» will represent the Russian side in the joint venture, from the Greek party will be energy investment company.

In turn, Timophey Hryapov noted that «one of the positive things that will bring the Greek economy, the project will be the creation of new jobs.» By his estimation, «about 20 thousand people — it's just people who are employed directly on the project without a mandatory service infrastructure.»

Russia and Greece at SPIEF 2015 signed an intergovernmental memorandum on cooperation in the construction of the pipeline to continue «Turkish Stream» in Greece. The project was named «South European Gas Pipeline» (SEP). To implement the plan to establish a joint project company, which will become the owner of the project SEP. SEP estimated cost of about 2 billion euros. Construction will begin in 2016 and end in late 2019.

Minister of industrial reconstruction, energy and the environment of the Hellenic Republic and Panagiotis Lafazanis and Vnesheconombank Chairman Vladimir Dmitriev at the St. Petersburg International Economic Forum – 2015 issued a joint statement on the development of infrastructure in Greece. The statement said that «intensive work on the implementation of the project will begin immediately with the preparation of a feasibility study, engineering design and other SEP».

Limited Liability Company «Investment Company Vnesheconombank («VEB Capital»)» is a 100% subsidiary of the State Corporation «Bank for Development and Foreign Economic Affairs (Vnesheconombank)». The priority of the company is to manage and work with troubled and non-core assets of Vnesheconombank Group.