VTB Bank and Lenenergo today signed contracts worth a total of RUB 4 billion at open online auctions.
VTB will provide revolving loans for three years to fund Lenenergo’s economic and investment activities.
Denis Bortnikov, VTB Bank Management Board member, commented: "It is difficult to overrate the importance of the energy industry for our society — the services of distribution companies directly affect the interests of both residents and companies. We hope that the bank’s loans will help Lenenergo implement its investment programme, develop its technological potential, upgrade its use of resources and provide reliable electricity supplies for St Petersburg and the Leningrad Region.
Lenenergo is one of Russia’s largest electricity distribution companies. Its main functions include managing its