Striving to further extend cooperation with the largest Russian coal company VTB Bank has provided a RUB 9.66 billion loan to OJSC Siberian Coal Power Company (SUEK) for an 18-month period.
In December 2008, VTB gave a RUB 2.5 billion loan to OJSC SUEK-Kuzbas, a coal-mining subsidiary of SUEK in Kemerovo region.
Active cooperation between VTB and SUEK started in 2004, with more than 230 loans having been made ever since.
Financial support of coal industry companies regarded as backbone enterprises of the domestic economy has traditionally been considered by the Bank as a one of its top-priority goals. Currently, VTB loan portfolio for coal industry enterprises has approximated RUB 63 billion.
OJSC Siberian Coal Energy Company (SUEK) is the largest coal company in Russian, one of the world leading coal producers and exporters (No. 6 by output). SUEK is one of the key private investor in the power generation sector, in particular, it holds strategic stocks in a number of Siberian and Far Eastern power generation companies with an installed capacity of 13 GW.