OREANDA-NEWS. June 06, 2011. The Bank of Moscow has extended guarantees to the total amount of RUR 1.3 bln and USD 51.9 mln to OJSC Globalstroy-Engineering. The guarantees assuring the fulfilment of the contract and repayment of the down payment have been issued in favour of the French stock company Total E&P Russie (incorporated in the concern Total).

Total E&P Russie is the operator developing the Kharyaginsky oil field located in Nenetsk Autonomous District.

The Bank has been cooperating with OJSC Globalstroy-Engineering since 2003 and has repeatedly extended guarantees and loans aimed to assure the performance under contracts with Russian and foreign customers.

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OJSC Globalstroy-Engineering is one of the major players in the development, procurement and construction sector of the oil industry in Russia and the CIS engaged in the construction of facilities for the oil industry and for the industrial and civil infrastructure using advanced technologies that meet the up-to-date ecology standards.

Concern Total is the world’s fifth biggest (in terms of capitalisation) oil company represented in 130 countries of the world. The company’s headquarters are located in Paris.