The French delegation is led by Philippe Citerne, president of the France-Belarus council of the chiefs of enterprises at MEDEF International and Co-Chief Executive Officer of French banking group Societe Generale.
“French enterprises show a great interest in the energy issues of Belarus which are topical in our country as 85% of the country’s energy is imported and the country is heavily dependent on one energy supplier,” Vladimir Semashko stated. Belarus is therefore trying to diversify its energy suppliers and raise the energy production efficiency.
According to the First Deputy Prime Minister, Belarus reduced the energy intensity to the amount of 285 kg of oil equivalent per $1,000 GDP. This figure used to be 750 kg some 15 years ago, but still it is not the 130-150 kg as it is in European countries. It means that Belarus has a great energy saving potential, Vladimir Semashko underlined.
He pointed out that a programme to modernize all energy production facilities is implemented in Belarus. This programme includes the construction of power stations operating on local energy sources and energy saving activities. By 2012, 25% of the thermal electric power is to be produced from the local fuels. This programme is to span 2020. The investment needed is estimated at $32 billion. A nuclear power plant is to be constructed in Belarus, too. The first energy bloc is to be commissioned in 2016, the second in 2018.
“We are interested in the participation of foreign investors in the Belarusian energy projects. We are counting on ourselves, at the same time we are sparing no effort to attract foreign capital,” Vladimir Semashko underlined. He added that the aftermath of the global financial crisis affected Belarus, too, the financing of the programme to modernize the energy production facilities has been slightly adjusted. “We will not change our plans about priority projects, but individual, less significant projects, might be postponed,” Vladimir Semashko underlined. Foreign investors may help accelerate the implementation of these projects.
The delegation of managers of French enterprises headed by Philippe Citerne will stay in Minsk until January 27. The members of the delegation will hold negotiations with the heads of various ministries, regions and cities as well as with entrepreneurs interested in the partnership with French enterprises.
MEDEF International includes 750,000 French enterprises: small, medium-sized and large companies representing different sectors of economy from industry to trade and services. The goal of the association is to represent and promote French enterprises abroad. Each year MEDEF International organizes more than 120 meetings with heads of state and government, high-ranking officials and private persons, holds from 20 to 30 visits of French enterprises’ heads.
Founded in 1864, the French banking group Societe Generale has been long cooperating with Eastern Europe and Russia Societe Generale Group is one of the largest banks in the euro zone in terms of assets under management, with EUR 434.6 billion as of December 2007, and in terms of assets under custody, with EUR 2,583 billion as of December 2007.
In Russia the French Group operates several subsidiaries - Bank Societe Generale Vostok, ALD Avtomotiv, Rusfinansbank, Delta Credit, Sozhekap, Rosbank.
In Belarus Societe Generale is represented by AKB Belrosbank, which was registered on July 22, 2003. The main shareholder is AKB Rosbank (99.99%).
In terms of business parameters (assets, loan portfolio, time-fixed deposits) Belrosbank is one of the major banks of Belarus. Its regulatory capital exceeds Br98 billion. As of December 1, 2008, the assets of the banks were equal to Br985.4 billion, up two times from early 2007. Since then the loan portfolio has doubled to Br741.1 billion.
AKB Belrosbank is a universal bank, which offers a wide range of banking services to clients. The bank focuses on investment projects of Belarusian companies, servicing and financing of foreign trade of companies, provision of modern banking products taking into account individual requirements of customers. The bank has state-run and private clients. During its operation AKB Belrosbank and AKB Rosbank (Moscow) have set limits for enterprises of Belneftekhim and Belenergo concerns as well as the Industry Ministry in excess of $1.5 billion. The enterprises can use the sum for financing to replenish floating assets and implement investment projects. As of October 1, 2008 the legal capital stood at Br44 billion.
Rosbank is one of the largest financial institutions of the Russian Federation, with a wide regional network. The European financial group Societe Generale acquired a 58% stake in Rosbank bringing the Russian bank the highest international rating among the Russian banks (according to the Fitch Ratings).