VTB Bank has issued two movement guarantees to Russia’s largest oil refiner, Taneco, part of Tatneft Group, totalling RUB 1.7 billion.
The guarantees will help the company avoid diverting funds from operations. Tatneft Group is actively using VTB’s guarantees for the tax authorities while exporting excise goods such as petroleum products.
“VTB Bank is consistently expanding cooperation with the leading oil refiners in Tatarstan, Tatneft Group and Taneco. Strengthening our mutually beneficial relations contributes to the region’s economic growth”,
, First Deputy President and Chairman of the Management Board of VTB Bank, said.
Taneco of the Tatneft Group is a modern company, and a leading oil refiner in Russia with strategic importance for Tatarstan’s economic development. The company is building a major refining and petrochemical facility in Nizhnekamsk, the region’s long-time petrochemical centre. The plant is expected to annually convert 7 million tonnes (51.5 million bbl) of crude into a wide range of petrochemical products. The project is a vital part of the region’s strategy to develop the petrochemical industry. Presently, Taneco produces natural gas liquids, raw petrol, household furnace fuel, fuel oil, vacuum gasoil, low-viscosity marine fuel, and sulphur granules.