OREANDA-NEWS. May 24, 2013. Sviaz-Bank’s branch in Petrozavodsk has been named winner of a public auction held by the Onega Network Company (PSK), OJSC, for a contract to provide financial services to the company.

Under the contact terms, the Bank is to open three revolving lines of credit totaling 200 million rubles to PSK OJSC for 24 months that can be repaid ahead of time without any penalties charged.

The Onega Network Company, OJSC, supplies electric power to the local population and operates and expands electric power grids in Karelia’s 13 districts. PSK OJSC provides maintenance services on 4,741.07 kilometers of electric power transmission lines and 1,328transformer and power distribution stations.

According to Irina Chernenko, Manager of the Petrozavodsk branch, her branch has been cooperating with PSK OJSC for a long period of time by funding the company’s operations and providing it with cash handling and settlement services. “Given the social significance of PSK OJSC’s operations, I am certain that the Bank’s partnership with the company contributes to the development of the energy sector in the Republic of Karelia,” said Irina Chernenko.