OREANDA-NEWS. May 30, 2014. The Petrozavodsk branch of Sviaz-Bank (Vnesheconombank Group) has been named the winning bidder at two auctions for a contract to provide loans to the Onega Network Company, OJSC (ONC OJSC), and has now opened credit lines totaling 100 million rubles to the company.

The credit lines have been opened for a drawdown period of 12 months to increase the company’s working capital.

The Onega Network Company is active in 14 of Karelia’s districts, generating electric power at its diesel engine facilities, transmitting power, and connecting new customers to its electric power lines.

“The Onega Network Company is one of the oldest partners of our branch. We have kept up cooperation with it since 2010. Aside from lending services, our branch is today cooperating with the company within the framework of a general agreement, under which the ONC deposits its uncommitted cash in our accounts. It is a tradition for Sviaz-Bank to cooperate with companies of the Russian energy and power industry, in which the Onega Network Company is among the leaders. In this, we see opportunities for strengthening and developing our business relations,” says Irina Chernenko, Manager of Sviaz-Bank’s Petrozavodsk branch.