2010

Oleg Deripaska's GAZ Group today signed a Memorandum of Understanding (MoU) with China's FAW Group Corp. to establish a joint venture to produce the Chinese company's heavy trucks in Russia.

At the 10th International Specialized Exhibition ComTrans-2010 in Moscow, GAZ Group presents various modifications of the upgraded commercial vehicle GAZelle-BUSINESS, including GAZelle with LPG equipment launched into production together with Italian company OMVL. GAZ Group also exhibits its new buses.

On March 1, 2010 GAZ Group completed restructuring of its RUR 39.3 billion bank debt. The Company entered into 5-year loan agreements with 22 Russian and foreign banks, providing for a two-year grace period for repaying the principal and 6 months grace for interest payments. Sberbank of Russia acted as organizer of the syndicate of GAZ Group's creditor banks, while Raiffeisenbank became documentation agent.