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VTB opens credit line for Teploenergo

 
6 November 2013

VTB Bank has opened a RUB 1 billion, six-year credit line for Teploenergo. The company will use the loan facility to finance the upgrade and renovation of its operational fuel and energy facilities.

 
 
 
 
Mikhail E. Oseevskiy, Deputy President and Chairman of VTB Bank Management Board
«The housing and utilities system is a promising area for Russian banks. By lending to the sector, VTB contributes to the nationwide upgrading of housing and utilities. We are ready to make further extensive investments in the sector and to offer favourable terms that will help regional housing and utilities companies to improve their services».
Mikhail E. Oseevskiy,
Deputy President and Chairman of VTB Bank Management Board

“Thanks to VTB’s willingness to fund long-term projects on the best possible terms, we are able to carry out the investment programme with minimal consequences in terms of rate increases for consumers,” said Teploenergo CEO Vladimir Kolushov.

For reference:

Teploenergo is a major heat supply company in Nizhny Novgorod. Teploenergo provides over 50% of the heat and hot water supplies for companies and individuals. The city of Nizhny Novgorod is Teploenergo’s sole shareholder.


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