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VTB provides PMC with loans for RUR 7 bln

 
13 November 2008

To develop cooperation with non-financial companies VTB Bank has provided three Russian factories of Pipe Metallurgical Company (PMC) with one-year loans totaling RUR 5.5 bln.

The deals have been made within the applicable credit risk limit set by the Bank for PMC.

The loans have been granted to finance the current activity and to replenish the floating capital of PMC's metallurgic works in Seversk, Sinarsk and Taganrog, Russia.

A deal on financing the managing company JSC PMC amounting to RUR 1.5 bln is in its final stage.

The parties have cooperated since 2001. At present, nine Russian and two foreign trade enterprises of PMC are among VTB customers.

VTB provides PMC with a diversified range of financial services, where guarantee and letter-of-credit transactions are prevailing.

For reference:
PMC is Russia's largest pipe manufacturer and one of the three leaders in the world pipe business. The company's production facilities are located in Russia, the USA, Romania and Kazakhstan.
Enterprises of the Group produce almost all the existing range of pipe products used in different industries.
PMC supplies the largest Russian and global oil and gas companies such as Gazprom, Transneft, Rosneft, TNK-ВР, Surgutneftegaz, Shell, Total, Occidental Petroleum and others.


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