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VTB Leases Drilling Units

22 July 2010
On 22 July 2010, in Orenburg, representatives of VTB Leasing, Orenburg Drilling Company (OBK) and Orenburgneft TNK-BP signed a Letter of Intent to grant 6 heavy drilling units into OBK’s operating leasing by VTB Leasing. The units will be used by Orenburg Drilling Company in deposits of Orenburgneft, TNK-BP subsidiary.   

For VTB, the agreement was signed by Mikhail Kuzovlev, First Deputy Chairman of VTB Management Board, Chairman of VTB Leasing Board of Directors, and by Andrey Konoplev, VTB Leasing Chief Executive Officer. For Orenburg Drilling Company it was signed by Vitaly Stepanov, General Director, and for Orenburgneft, by Valery Batrashkin, General Director.     

Before the end of 2010, within the limits set, VTB Leasing plans to lease up to 40 drilling units to major oilfield services companies.    

Mikhail Kuzovlev, First Deputy Chairman of VTB Management Board, said: “During the global financial crisis, a number of oil companies decided to freeze developing new oil deposits and we had to suspend leasing of drilling equipment. Today, with the market recovery, we are going to develop this business line”. 

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