OREANDA-NEWS. March 18, 2013. VTB Bank has issued two movement guarantees to Russia’s largest oil refiner, Taneco, part of Tatneft Group, totalling RUB 1.7 billion.

The guarantees will help the company avoid diverting funds from operations. Tatneft Group is actively using VTB’s guarantees for the tax authorities while exporting excise goods such as petroleum products.

“VTB Bank is consistently expanding cooperation with the leading oil refiners in Tatarstan, Tatneft Group and Taneco. Strengthening our mutually beneficial relations contributes to the region’s economic growth”, Yuri Soloviev, First Deputy President and Chairman of the Management Board of VTB Bank, said.