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05.11.2012

EXIAR insures Russian exports to Cuba

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and INTER RAO Export have signed two insurance agreements for deliveries of power engineering equipment to the Republic of Cuba. The documents were signed at the XX session of the Russian-Cuban Intergovernmental Commission for Commercial, Economic, Scientific, and Technical Cooperation, which took place in Havana.

The documents were signed by CEO of EXIAR Peter Fradkov, and General Director of INTER RAO Export Maxim Sergeev.

Under the agreements, EXIAR insured INTER RAO Export's deliveries of shut-off valves to Mariel (Republic of Cuba), for the modernisation of the Maximo Gomez Thermal Power Plant.

EXIAR provides insurance coverage against commercial and political risks.

The Maximo Gomez Thermal Power Plant project is being implemented under an intergovernmental agreement on increasing and strengthening Russian-Cuban cooperation in electrical energy.

The INTER RAO UES Group is a diversified energy holding company, operating in various segments of the electrical energy industry in Russia and abroad. It is the leading Russian company in the field of import-export of electrical energy, is rapidly increasing its presence in the generation and sales segments of the industry, and is continually developing in new areas. INTER RAO UES's strategy is aimed at turning the group into a global energy company, and one of the key players in the international energy market. The total capacity of the power plants belonging to and managed by INTER RAO UES is more than 28,000 MW. INTER RAO Export is a wholly-owned subsidiary of INTER RAO UES. The company participates in overseas construction and/or modernisation projects involving power generation facilities, by supplying power engineering equipment and offering turnkey solutions for constructing power engineering facilities.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).