Financial and Banking News
VTB opens credit line to CJSC PreobrazhenskneftWithin its support for the oil and gas industry, VTB Bank opened this November a RUB 1.5 bln (approx USD 50 million) credit line to CJSC Preobrazhenskneft for 5 years.
The credit facilities will be used to finance construction of new production capacities, and also to purchase, repair and upgrade its fixed assets.
The credit line opened to CJSC Preobrazhenskneft will help the company to further grow and develop, and will strengthen competitiveness among oil and gas extracting enterprises of the Orenburg Region.
Major business of CJSC Preobrazhenskneft is to extract raw oil in the Orenburg Region. Presently, the Kolganskoye field is being developed. In 2009, the company extracted about 170 thousand tonnes of oil. In the near 5 years, oil extraction is to reach 500 thousand tonnes. There are 239 people working for the company.
Source: VTB Group
Date: 30.11.2010 
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