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VTB starts cooperation with Novomet

18 October 2012

VTB starts cooperation with Novomet ©

VTB Bank has approved a credit limit of 1.750 billion roubles (USD56.8 million) for the Perm-based group of companies Novomet.

The first tranche of 250 million roubles (USD8.12 million) has been transferred to the client within this credit limit for a period of three years.

Yuri Soloviev, First Deputy President and Chairman of the Bank’s Management Board, said: "Working with the oil and gas sector is a key priority for VTB. I hope that our cooperation with Novomet, a leading producer of equipment for the oil and gas industry, will be long-lasting and mutually beneficial".

For reference:

Novomet was established in 1991 and is currently one of Russia’s largest and most dynamically developing producers of submersible equipment for hydrocarbon production. It manufactures modern oil lifting equipment and custom-made equipment for specific wells and also offers supervision and other services. In 2000, it was awarded a Russian Government prize for the creation and introduction of a vortex centrifugal ESP (electric submersible pump). The Group has subsidiaries and representative offices in 10 countries, including Russia, Kazakhstan, Azerbaijan, the Middle East, South America, North Africa and the Pacific region. It plans to expand into 10 more countries.

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