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VTB enhances cooperation with OJSC Power Machines

28 November 2007

Acting within its cooperation program with the largest enterprise in power machine building, VTB Bank has increased the documentary credit limit for OJSC Power Machines up to RUR 15 billion.

The increased limit will allow the company to tap VTB vast resources in financing its current and investment demands, as well as its export and import transactions, including those which involve foreign capital and apply the instruments accepted in the global banking practice.

The decision to increase the limit from RUR 10 bln to RUR 15 bln was primarily driven by fast dynamics of OJSC Power Machines' stock of orders and its production program.

OJSC Power Machines and VTB are proud of their long-standing and fruitful partnership. Through offering its documentary credit products, the Bank supports the Company's export and supply of power equipment to the Russian domestic market within investment programs implemented jointly by RAO UES of Russia and Rosatom.

For reference:
OJSC Power Machines is the leading Russian manufacturer and supplier of complex solutions for effective power production, ranging from engineering, manufacture, supply, installation, maintenance and modernization of equipment for heat, nuclear, hydro and gas turbine power plants. Established in 2000, Power Machines united the technological, manufacturing, and intellectual resources of the world-known Russian enterprises, such as Leningradsky Metallichesky Zavod (1857), Electrosila (1898), Turbine Blades Plant (1964), NPO CKTI (1927), Energomachexport (1966), and Power Machines-plant Reostat (1960). The equipment produced by the company is installed in 87 countries worldwide. The assets are traded in RTS system.

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