ST.PETERSBURG. June 21 (Interfax) - Sberbank and Fiat have delayed signing a credit agreement for technical reasons, Sberbank chief German Gref told reporters.

"I'm hoping we'll sign the deal with Fiat, but it has been put back for technical reasons. This is a financial transaction and it simply needs to be fully structured," he said.

Gref did not say how much would lent, nor did he say when the agreement might be signed.

Fiat signed a deal with Sberbank to organize production and distribution of cars and commercial vehicles in Russia at the end of February. Sberbank will have a 20% share of the project.

The project envisages production at a main plant, the preferred location for which is Leningrad region, and assembly of cars and SUVs and potentially light commercial vehicles in Moscow in accordance with a production contract that will be signed with the AMO ZiL plant.

The model range at the new plant will be based on the Jeep brand. The range will later be expanded and include other models and locally produced engines, the release said. Annual production will reach 120,000 cars (this is the amount agreed last year in an agreement between Fiat and the Russian Economic Development Ministry). Investment may reach 850 million euros.

Chrysler, in which Fiat owns the controlling stake, may also participate in the project as an investor and may license the production of some of its models.

Earlier, Fiat planned to have a presence in Russia through a partnership with the Sollers Group (