BAKU, Azerbaijan, November 10
By Nargiz Sadikhova - Trend:
Russia’s VTB Group and Kazakhstan’s Atyrau Oil Refinery have signed a loan agreement to provide 38.2 billion rubles ($539.3 million) of funds to Atyrau Oil Refinery, Trend reports with reference to VTB.
The national company KazMunayGas has issued a corporate guarantee to ensure the fulfillment of obligations.
The funds will be used to refinance a foreign currency loan taken from the Export-Import Bank of China for the implementation of a project to modernize the plant.
The agreement with VTB allowed us to optimize and diversify the loan portfolio of the KMG Group and, in general, to reduce currency risks.
VTB Group is a global provider of financial services, comprised of over 20 credit institutions and financial companies operating across all key areas of the financial markets.
VTB Group is a holding company with one strategically aligned development model, including a common brand, centralised financial and risk management, and integrated compliance systems.
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