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Mr Vekselberg informed the President about one of Renova Group’s biggest infrastructure projects – the Akademichesky housing project near Yekaterinburg, which is being carried out on a public-private partnership basis.

Answering a question from the President, Mr Vekselberg also reported on a final resolution of the conflict over TNK-BP. He said a memorandum of understanding has been signed that sets out the basic principles for the company’s future development. An independent manager will head the company and independent directors will sit on the board of directors. The company’s main strategic priority, Mr Vekselberg said, is that the company is a Russian corporate citizen and carries out its activities in accordance above all with the interests of the country in which it is located.

The conflict at TNK-BP has not affected its activities, Mr Vekselberg said. The company plans to begin delivering oil from the Verkhnechonsk field in Irkutsk Region through the completed section of the Eastern Siberia-Pacific Ocean Pipeline in October.