OREANDA-NEWS. VTB Bank’s Bashkortostan branch has increased the total drawdown limit of a credit line for the OZNA group of companies to RUB 2.1 billion.

OZNA will use the funds to cover investment in a new facility at OZNA Engineering in Ufa that will produce metering units and oil and gas processing equipment. The facility was completed in record time and has already shipped the first consignment of metering units to Rosneft.

"OZNA is our strategic partner. We have been growing our relationship, which benefits not only the company’s development, but also Russia’s oil and gas industry and hence the Russian economy as a whole," said Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board.

OZNA Engineering CFO Tatyana Dashkina said the company values its strategic partnership with the bank. "We made use of several types of banking products from VTB Bank in 2014. They include payment guarantees, bonds, investment funds and deposits with attractive interest rates. We especially like the bank’s client focus, and the way they promptly resolve any issues that arise."

VTB Bank and OZNA have been working together since 2010. Since June 2014, when VTB approved a drawdown limit of RUB 1.2 billion for OZNA, it has issued RUB 500 million in loans and RUB 350 million in guarantees to the company.