VTB has provided a 8-year letter of credit in the amount of more than RUB 1.7 billion to Elme Messer Rus (ELME MESSER GAAS group of companies), the LoC purpose is to secure a loan agreement concluded with Russia's Industry Development Fund, the bank informed.
The company will use the loan proceeds to build an air separation plant where industrial, food and medical gases (liquefied oxygen, nitrogen, argon) will be produced. The air separation plant will be built in the Moglino special economic zone in Pskov region. The total annual production capacity will exceed 90 kt.
VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all the key segments of the financial market. In the CIS, the group is active in Armenia, Ukraine, Belarus, Kazakhstan, Azerbaijan. VTB's banks in Austria, Germany and France are operating as parts of the European sub-holding led by VTB Bank (Austria). Besides, the group has subsidiary and affiliate banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one VTB branch in China and India, two VTB Capital Plc branches in Singapore and Dubai.