VTB provides financing to NPO Saturn
24 August 2012
VTB Bank has granted a USD 150 million loan to NPO Saturn to finance the company’s current operations, including export contracts.
Valery v. Lukyanenko, Member of VTB Bank Management Board, said: "Financing a leader in the Russian defense industry is a clear example of how VTB is supporting Russia’s real economy".
Ilya Fedorov, Managing Director of NPO Saturn, added: "The funds from VTB Bank will help us to meet our enterprise’s production plans and liabilities to suppliers".
JSC NPO Saturn is an engine-building company specializing in R&D, production and aftermarket support of gas-turbine engines for military and civil aviation, power-generating and gas-pumping plants, warships and civil ships. JSC NPO Saturn is part of United Engine Corporation (UEC), which is a subsidiary of OBORONPROM Corporation (established for engine-building assets management).
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