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VTB to show stakeholders drilling rigs owned by VTB Leasing

3 September 2012

Fulfilling a promise made by VTB President and Chairman of the Management Board Andrey Kostin during the annual general meeting of shareholders on June 8, 2012, the bank has organised for its shareholders a visit to the Orenburg Region and the Yamal-Nenets Autonomous Area on September 4–6, 2012. The shareholders will tour 18 drilling rigs that VTB Leasing has leased to the Orenburg Drilling Company (OBK), Gazprom Burenie (Gazprom Drilling) and Nova Energy Services. The shareholders will also have the chance to visit VTB Leasing holding areas in Purpe, where four drilling rigs are currently stored, and will receive a photo report on the other eight rigs as of the end of August 2012, as well as complete information on leasing transactions and the financial scheme for deriving profit from them.

"Given the interest of minority shareholders to the acquisition of 30 drilling rigs by VTB leasing in 2007, I proposed during this year’s AGM in June that interested shareholders should visit these rigs to see that they are all working. In terms of finance, the 2007 deal was hardly successful, which is partly why those officials who were responsible for it have been dismissed. Our task today is to ensure that these drilling rigs yield good profits for the Bank and our shareholders. We have so far succeeded in doing this as, I am sure, our shareholders will see," VTB President Andrey Kostin said.

"Our task today is to ensure that these drilling rigs yield good profits for the Bank and our shareholders".

VTB shareholders Vladimir Sinyakov, Dmitry Udalov, Leonid Volkov, Yelena Popova and Tatyana Buravtseva have responded to Mr Kostin’s proposal. Minority shareholder Alexei Navalny has also been invited but, unfortunately, cannot make the trip. Several journalists from national media outlets and prominent bloggers have agreed to cover the trip.

For reference:

VTB Leasing was established in June 2002. Its sole shareholder is Bank VTB.
As of December 31, 2011:

  • The charter capital of VTB Leasing amounted to 14.8 billion roubles;
  • Assets were estimated at 178 billion roubles;
  • Net profit was 1.8 billion roubles.
The company’s consolidated lease portfolio (aggregate client liabilities under lease contracts minus lease payments received), including the deals of VTB Leasing and its subsidiaries, reached 327 billion roubles in 2011. Its key segments were railway transport (66.4%), aircraft (17.9%), oil production and refining, engineering and power generation equipment (7.4%).
In 2007, VTB Leasing bought 30 drilling rigs made by Sichuan Honghua Petroleum Equipment from Cyprus-registered Clusseter Limited for subsequent leasing. The value of the contract was $456 million dollars.
These rigs are being turned over to leaseholders under operating lease agreements. The average payback period for this project is about five years. All these deals are profitable; the rate of return under an eight-year contract is over 10%.

VTB shareholders taking part in the trip: 

Tatyana Buravtseva

Member of the VTB Shareholders Consultative Council, responsible for the Council’s project to create specialised bank products and services for minority shareholders, M.A. (Economics), CFO of R-Torg, holder of grants of the Russian Government and the Russian President for research on information support of insurance operation.

Leonid Volkov

Member of the VTB Shareholders Consultative Council, responsible for the Council’s project on the bank’s fiscal policies, accountability and budget, the plenipotentiary representative of Chuvashia under the Russian President, assistant professor at the Department of Economics and Crisis Management of the Financial University under the Russian Government.

Yelena Popova

Member of the VTB Shareholders Consultative Council, responsible for the Council’s project to enhance the financial literacy of VTB shareholders, PhD in Economics, professor at the Institute of Economics of the Russian Academy of Sciences, Honoured Science and Technology Professional, Honoured Higher Professional Education professional, veteran worker.

Vladimir Sinyakov

Private investor, VTB shareholder; has repeatedly inquired at AGMs about the details of the acquisition of the drilling rigs and their subsequent use.

Dmitry Udalov

Member of the VTB Shareholders Consultative Council, Director of the National Centre for Investment and Innovation, co-organiser of the Union of Minority Shareholders.

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