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VTB extends financing to St. Petersburg hot water utility

 
4 December 2014

© photoexpress.ru

VTB Bank will provide a one-year revolving, RUB 1.25 billion credit line to the state unitary enterprise TEK St. Petersburg after winning two online public tenders to finance the city’s main heating and hot water supplier. The funds will be used to pay suppliers and make compulsory payments.

The bank previously extended a two-year, RUB 375 million loan to the utility in October 2014, also after winning the financing contract in an online public tender. The loan was to finance St. Petersburg’s long term programme for the construction and modernisation of its heating facilities in the Malaya Okhta District until 2020.


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