OREANDA-NEWS. In the course the Petersburg International Economic Forum State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)', OJSC Gazprom Space Systems and OJSC Gazprombank signed a Memorandum of Cooperation in implementing satellite projects.

The Memorandum aims to establish strategic partnership and mutually beneficial cooperation between the parties in implementing projects on creating a space telecommunications and broadcasting system with Yamal-601 satellite (Yamal-601 project) andpojects on the construction of an assembly facility to manufacture domestic space satellitesfor the Yamal space telecommunications system and the space observation system SMOTR in the city of Shchelkovo of the Moscow region (including Arctica-R radar segment).As part of implementing the Memorandum Vnesheconombank and Gazprom might jointly participate in funding the said projects.

The parties are confident that implementation of the projects would contribute to developing satellite telecommunications services in Russia to address the issues of national, sectoral and municipal significance. It would also contribute to introducing innovations and advanced space technologies in the national economy, creating new jobs and increasing taxation basis.

OJSC Gazprom Space Systems is a subsidiary of OJSC Gazprom. It engages in the design, development, creation, and operation of telecommunication and geoinformation space systems (by providing satellite telecommunications and data-transmission channels) in the interests of Gazprom Group companies and other consumers.The company positions itself as a satellite operator.

Gazprombank (Open Joint Stock Company) is among Russia's three largest banks by all basic indicators and it is among the three largest banks of Central and Eastern Europe by the size of ownership capital. The Bank has a rating of investment level assigned by rating agency Moody's Investor's Service - its rating of long-term deposits in foreign currency is at Baa3, the rating of debt obligations - is at Baa3. The counterparty long-term rating and the Bank's debt borrowings rating assigned by Standard & poor's are at BBB. The Bank was assigned the long-term issuer default rating of BBB by Fitch Ratings.