Within developing its cooperation with oil industry enterprises, VTB Bank has set a RUB 26.8 billion credit limit for TNK-BP Group.
The new limit is expected to allow TNK-BP to take advantage of VTB’s wide opportunities in financing current needs using the whole range of instruments accepted in the international banking practice.
VTB has already granted TNK-BP a USD 50 million limit maturing in 6 months within the established limit. The purpose of financing is current economic activity. Besides, the parties have signed a USD 200 million revolving facility agreement with a term of 1.5 years.
Partnership between VTB and TNK-BP has been actively developing since 2006. The Bank has always regarded cooperation with leaders of this industry as a business priority. Developing relations with oil industry enterprises, VTB aims to implement a comprehensive customer-oriented approach at all stages of business growth and diversification through offering a full range of banking products and services.
For reference:TNK-BP is Russia’s third larges oil company owned by BP and AAR (Alfa Group, Access Industries, Renova) on a parity basis. TNK-BP also holds a nearly 50% stake in another Russian oil and gas company, Slavneft. TNK-BP’s extent of production amounts to about 16% of Russia’s total liquids (including TNK-BP’s share of Slavneft production). As of 31 December 2008, TNK-BP’s Total Proved Reserves under SEC standards (with regard to field life) amounted to 8.1 billion barrels of oil equivalent. The company’s upstream operations are located primarily in West Siberia, East Siberia and Volga-Urals. TNK-BP owns and manages five refineries located in Russia and Ukraine, and carries out retail sale of oil products through its sales network that comprises 1400 gas stations operating under BP and TNK brands. www.tnk-bp.ru