OREANDA-NEWS. January 31, 2013. In Prague two credit agreements for the overall amount of 4.6 million euros were signed between NPO Saturn and Raiffeisenbank (Czech Republic). These credit agreements were entered into with the purpose of financing the acquisition of the equipment supplied Aquacomp Hard s.r.o (Czech Republic) and used by NPO Saturn for upgrading its production capacity.

According to Alexey Sobolev, NPO Saturn deputy CEO – chief financial officer, “the signature of these agreements is the first step towards the implementation of the joint program aimed at financing the Czech-made machinery, the overall volume of supply is expected to exceed 30 million euros over the next three years. Leveraging the supply-funding instruments allows us to considerably reduce the customer’s expenditure linked to servicing the financing, and to also expand the credit repayment term”.

The equipment supplied by Aquacomp Hard is installed and already fully operational in several production shops of the Company. In the next 2 years using the Aquacomp Hard-supplied equipment NPO Saturn plans to complete the upgrading of its galvanic and surface chemical treatment lines.

Besides, on January, 22nd a meeting took place between the representatives of NPO Saturn, VO Stankoimport and the management of EGAP, A Czech export guarantee and insurance company. The meeting was attended by Miroslav Somol, EGAP’s member of the board – deputy CEO. The parties discussed the ongoing cooperation program and the prospects for developing mutually profitable relations between the companies in the future for the period of 2013-2015 with regard to signing credit agreements for acquiring European high-tech equipment for the needs of either NPO Saturn, or the “Civil aviation engines” division of the United engine corporation managing company.

Research and production association Saturn OJSC – an engine-building company specialized in design, manufacture and aftermarket support of gas-turbine engines for military and civil aviation, the Navy boats and power-generation and gas-pumping installations. NPO Saturn OJSC is part of the United engine corporation managing company OJSC.