Regeneration in Russia

and the

have signed a memorandum of understanding regarding cooperation on infrastructure projects in

. The long-term volume will total up to €450m.

The framework agreement; which covers the joint development of infrastructure projects in Russia, aims to improve the efficiency and reliability of Russia’s energy supply. The partners will also focus on projects in the telecommunications sector and on equipping and modernizing Russia’s regional airports.

Dr. Viktor Vekselberg, President of the Renova Group, stated that the agreement marked an important step in the economic cooperation between Russia and Germany.

‘We are expecting substantial results from the agreement with Siemens in the medium term,’ said Dr Vekselberg. ‘Siemens’ technological know-how and Renova’s regional expertise complement one another in infrastructure projects.

‘In view of our commitment to IES (Integrated Energy Systems), we see a wide range of possibilities for cooperation – particularly in the area of municipal energy supply. All in all, the partnership will strengthen Russia as a high-tech location.’

Siemens described the agreement as a strategic commitment to leverage its technical expertise in the areas of power generation and distribution, telecommunications and industrial solutions in order to modernize Russia’s energy sector.

‘A reliable supply of power is vital to meet the increasing energy needs of Russia’s rapidly growing economy,’ said Rudi Lamprecht, member of Siemens’ Corporate Executive Committee.