Conclusion of MOU on Cooperation with SUEK
Efforts to build the Japan-Russia economic cooperation

Taking advantage of the opportunity of the 23rd St. Petersburg International Economic Forum (SPIEF) held in St. Petersburg, Russian Federation (Russia) from June 6 to 8, Nippon Export and Investment Insurance (NEXI, Chairman and CEO: Kazuhiko Bando) concluded a memorandum of understanding (MOU) on cooperation on June 6, 2019, with a joint-stock company Siberian Coal Energy Company (SUEK), the largest coal producer and exporter in Russia.

1. Background

In 2012, NEXI provided insurance on the financing for expanding a mine owned by SUEK, upgrading its related facilities, and developing a project to expand equipment of a terminal which aims export to major ports in Asia.

As SUEK has purchased mining machinery from Japanese companies, its purchases are expected to continue. In such circumstances, the company is expecting support from NEXI.

2. Purpose of the MOU

The MOU aims to establish an information exchange framework between NEXI and SUEK which will enable both parties to utilize their experience and expertise, as well as to identify potential cooperative projects with Japanese companies, a goal of which is to provide effective support for increasing transactions between SUEK and Japanese companies. Such relationship is also expected to strengthen the relationship between Japan and Russia.

3. Signing ceremony

The MOU’s signing ceremony was held between SUEK’s CEO Vladimir Rashevsky and NEXI’s President Masafumi Nakada at a hall within the venue for SPIEF, attended by Japan’s State Minister of Economy, Trade and Industry Yoshihiko Seki.

As Japan’s policy-based financial institution, NEXI will continue to actively work, aiming to promote exports by Japanese companies and secure a stable supply of natural resources for Japan.

NEXI’s President Nakada (left) and
SUEK’s CEO Rashevsky (right)

Japan’s State Minister of the Ministry of Economy, Trade and Industry Seki (left); NEXI’s President Nakada (center); and SUEK’s CEO Rashevsky (right)

Contact:
Natural Resources Group II, Structured and Trade Finance Insurance Department
Tel: +81-(0)3-3512-7744