OREANDA-NEWS. October 15, 2010. The auction commission of Onega Network Company OJSC summed up the results of a public auction the company held for loan agreements to be signed to finance the company’s investment project. Sviaz-Bank was named the highest bidder in Lots 1 and 2 of the auction for funds totaling 121 million rubles to be lent to the company for a term of 36 months, reported the press-centre of Sviaz-Bank.

The public auction to select lending institutions was announced on August 11, 2010.

Onega Network Company OJSC has a favorable credit history with Sviaz-Bank. After its success in the previous auction held on July 1, 2010, the Bank lent over 202 million rubles to the company.

Onega Network Company was established on November 1, 2006, on the basis of the assets of the State Unitary Enterprise for Production, Logistics of the Housing and Utilities Complex, and Electric Power Supply (SUE RC MEO) to replace the assets [?]. Transmission and distribution of electric power to consumers is the core business of Onega Network Company OJSC. Today, ONC OJSC has almost 3,100 kilometers of power transmission lines, 1,012 transformer stations, and five distribution centers in its coverage area in 11 districts of Karelia.