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VTB finances NPO Saturn

25 December 2008

VTB Bank has provided RUB 7.5 billion to JSC NPO Saturn.

The funds were channeled into financial and operational activities, including salaries; redemption of loans from other banks and payment under bonds and bills.

Cooperation between VTB and the leading national aircraft company has been actively developing for the last two years. Total volume of the deals implemented by the parties in 2007-2008, including documentary operations, has exceeded RUB 10 billion.

VTB Bank has traditionally paid utmost attention to supporting aviation, aircraft and space industries. And in the current conditions, financing to key industries of the Russian economy, with aircraft building being one of the most important among them, is a priority task for VTB.

For reference:

JSC Saturn Scientific Production Association is a successor of JSC Rybinsk Motors and JSC A.Lyulka-Saturn. It is one of the major domestic producers of military and civil aviation engines. It carries out design, production, repair and maintenance of engines for such planes as "Su", "Tu" and "Il". The company also participates in designing and producing Sam-146 engine for SSJ-100 plane.

According to RF Presidential Decree of 16 April 2008, JSC NPO Saturn is a member of engine production integrated group "United Engine Production Corporation" being established by OPK Oboronprom.

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