OREANDA-NEWS. June 11, 2010. E.N. Gubin, President of Novikombank, and V.P. Makeyev, General Director and Chairman of the Management Board of ITERA Oil and Gas, LLC, signed a Strategic Cooperation Plan for 2010 – 2014. The document is intended for further development of long-term cooperation and is an important step in furthering interaction of the Bank and the Company within the framework of the current Cooperation Agreement.

Implementation of the Strategic Cooperation Plan creates prerequisites for continuous growth of the Novikombank involvement in servicing enterprises and organizations of ITERA Oil and Gas, LLC. It is particularly envisioned that the Bank should expand its involvement in servicing internal and international transactions of ITERA Oil and Gas, LLC, provision of the package of services in treasury operations and enhancement of financial management. Considerable increases in financing by the Bank of enterprises of the holding, including foreign economic activities, as well as the establishment of cooperation at a regional level are planned.

When commenting on the event, Elias Gubin pointed out: "The Plan sets out important mechanisms for our future joint work with a view of developing a new model of efficient interaction between the Bank and a client based on specific solutions and application of successful cooperation experience. Thus, the signing of the Strategic Cooperation Plan with ITERA Oil and Gas, LLC (one of the principal clients of ours), and in the prospect with other key-importance partners of the Bank, shall contribute to achieving the main objective of the Novikombank Strategy for 2010-2014, that is to reach a somewhat higher level of interaction with leading industrial enterprises of Russia".

Vladimir Makeyev stressed that "implementation of the Plan shall contribute to enhancement of efficiency of the Company. ITERA will be able to use the capabilities of the Bank in investment transactions: long-term and syndicated financing, organizing deals in the Russian and international capital markets, consulting, organizing of and support to merger and acquisition deals. Expanding the parameters of the retail services, inclusive of the entire spectrum of services for employees of the holding, as well as participation of the Bank in implementing insurance and pension insurance plans for ITERA Oil and Gas, LLC, and its enterprises shall be an important area for development of the joint work".