VTB continues to increase lending to key sectors of Russian economy. In September, the Bank granted a USD 400 million loan to Novy Urengoy Gas and Chemical Complex (Novy Urengoy, Tyumen Oblast). The loan matures in 3 years and is guaranteed by JSC Gazprom.
The loan will be channeled to complete the construction of Novy Urengoy Gas and Chemical Complex, scheduled to launch in 2012.
Valery Lukyanenko, member of VTB Management Board, said: "Partnership with gas and chemical industry is a priority business line for the Bank. Close cooperation with enterprises engaged in this sector allows us to perform our obligations to extend lending to the Russian economy".
Novy Urengoy Gas and Chemical Complex will specialize in production of high pressure polyethylene and ethylene. The plant’s projected annual output is estimated at 400 000 tons of polyethylene.