VTB Bank and JSC Moscow United Electric Grid Company (JSC MOESK) have entered into two-year loan agreements totaling RUB 6 billion, after VTB Bank won a tender organized by JSC MOESK in June this year to raise the loans.
JSC MOESK has been a VTB Bank client since early 2012, and also uses the bank’s settlement and cash services and trade finance facilities.
Dmitry Kovrizhnykh, VTB Bank Vice-President, said: «VTB looks forward to working closely with JSC MOESK in future. We plan to participate in the company’s future tenders and to offer the best terms possible».
Alexander Inozemtsev, JSC MOESK Deputy CEO for Economics and Finance, said: «In the run-up to our planned bond issue these loan agreements with VTB Bank strengthen the partnership between our companies».
JSC Moscow United Electric Grid Company (JSC MOESK) is a specialist grid company that provides electricity transmission services in the city of Moscow and Moscow region.
JSC MOESK transmits electricity from generating companies, the Unified National Electric Grid (UNEG) and from the grids located in neighboring regions, and uses its own grids to transmit electricity to end users and adjacent grids. The Moscow Region is one of Russia’s fastest growing regions, with rapidly developing residential construction, industrial production and infrastructure. JSC MOESK is building new energy facilities and modernizing, reconstructing and repairing existing assets to maintain effective and reliable supply of electricity to consumers.