MONTREAL, Jan. 27, 2010 /CNW Telbec/ -- SNC-Lavalin and the State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' today announced the formation of VEB Engineering LLC, a Russian company that will be jointly owned by SNC-Lavalin and the Bank (Vnesheconombank 51% / SNC-Lavalin 49%). VEB Engineering will provide technical assistance to the Bank and perform technical and budget audits on infrastructure and industrial projects where the Bank is providing financing.
"We have had a constant presence in Russia for over 30 years and we are very pleased to be partnering with Vnesheconombank in this new joint undertaking," said Pierre Duhaime, President and CEO, SNC-Lavalin Group Inc. "We have carefully considered our Russian business development strategy, which includes our recent acquisition of 48% of Vnipineft, and we believe that this new initiative serves our objective to continue to grow our business in Russia in a planned way."
The State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' was established in 2007 through a reorganization of Vnesheconombank of the USSR and acts in accordance with the Russian Federal Law 'On Bank for Development'. The Bank's activity is designed to modernize and boost the non-raw materials economy and high-technology industries as well as to stimulate innovations, infrastructure development and the export of high-tech products, and to provide support for small and medium-sized enterprises.
SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries. www.snclavalin.com