OREANDA-NEWS. On December 04, 2007 VTB has opened credit lines to OJSC NK Alliance totaling RUR 5 billion for reconstructing the Khabarovsk Oil Refinery, reported the press-centre of VTB.

In November 2007, the Khabarovsk Oil Refinery entered into contracts with Tecnicas Reunidas, Spainish engineering company to implement the main part of the reconstruction program, including construction of hydrogenation complex worth USD 800 million. Total value of the program on overhaul the Khabarovsk Oil Refinery will amount to USD 1 billion. According to the schedule, modernization of the enterprise is to be completed in early 2011.

OJSC VTB Bank will also act as the only arranger of the NK Alliance second bond issue totaling RUR 7 billion, which is to be placed in 2008 to finance the project.

For reference:
OJSC NK Alliance was established at 2001 year-end by OJSC Alliance Group, Russian multifaceted company, its subsidiary CJSC Alliance Capital Investment Company, and Wincor S. A., (Switzerland).

OJSC NK Alliance combines Oil Refinery in Khabarovsk, oil transportation and transshipment enterprises, as well as retail and wholesale networks in the Far East of Russia.