VTB BANK (ARMENIA) OPENS A CREDIT LINE FOR ARMRUSGASPROM CJSC

ArmInfo
2009-07-14 16:48:00

ArmInfo. To support and develop the real sector of Armenian economy,
including enterprises of fuel and energy sphere, VTB Bank (Armenia)
decided to finance the Armenian-Russian CJSC ArmRusgazprom. The bank
took a decision to open a renewable credit line worth 7,5 mln USD.

As VTB Bank (Armenia) told ArmInfo, the credit funds will be spent
on completion of construction and upgrading of the fifth power unit
of Hrazdan thermal power plant in compliance with Hrazdan-5 project.

The project of construction and upgrading is estimated at over 200
mln USD.

To recall, ArmRusgasprom was founded in 1997. At the moment the
company’s shareholders are Gazprom OJSC (82.67%) and the Armenian
government in person of the Ministry of Energy and Natural Resources
(17.33%). At present the authorized capital of the company is 196,9 bln
AMD (about 580,8 mln USD). As of the end of I qt 2009, ArmRusgasprom
holds the second position on the list of the largest tax- payers of
Armenia. In April 2009 the Central Bank of Armenia awarded the rating
"B" to the company (the previous one was "B-").

Since April 2004 VTB Bank (Armenia) has been a member of the largest
Russian international financial group VTB. The sole shareholder of
VTB Bank (Armenia) is OJSC VTB Bank. The international rating agency
Fitch Ratings confirmed the ratings of CJSC VTB Bank (Armenia) at
"BB+" with "stable" outlook on April 30, 2009.