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VTB provides financing for SibNGF Company’s state contract

 
23 July 2013

VTB secures implementation of SibNGF Company’s state contract

VTB Bank has issued a bank guarantee worth RUB 504 million to Sibneftegeofizika Company and has set a credit limit of RUB 250 million. 

The guarantee will help SibNGF meet commitments under a state contract with the Subsoil Management Department in the Urals Federal District. The contract stipulates that the company will assess the oil and gas bearing capacity of the sedimentary sequences in the Gyda and Yenisey-Khatanga oil and gas areas and the northern part of the continental shelf in the Kara Sea on the basis of an integrated model of the local geological structure.

 
 
 
 
Mikhail Oseevskiy, deputy President and Chairman of VTB Bank Management Board
«Issuing these guarantees is the first stage in our efforts to build long term and mutually beneficial bank-client relations. In the short term, we are planning to expand our cooperation with Sibneftegeofizika with regard to settlement and cash services, as well as trade finance transactions.»
Mikhail Oseevskiy,
Deputy President and Chairman of VTB Bank Management Board


For reference:

Sibneftegeofizika (SibNGF) was created on the basis of the USSR oil ministry’s state production association of the same name, which was set up in Novosibirsk in 1972. The company specialises in all types of seismic exploration operations, the complex interpretation of seismic exploration, geoinformation and drilling data, including compiling structural and prognostic maps, and geophysical downhole logging. SibNGF is an independent public company and is not part of prospecting or any other holdings.

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