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VTB Bank to extend $603.9 mln bank guarantees to Russian gas producer Novatek

April 22, 2016, 11:31 UTC+3
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MOSCOW, April 22. /TASS/. The state-owned VTB Bank will extend bank guarantees with the drawdown limit of 40 bln rubles ($603.9 mln) to the Russian natural gas producer Novatek by 2025 year-end, the company said on Friday in pre-reads to the annual shareholders meeting.

The fee for guarantees issue, increase and renewal is capped at 1.5% of the annual interest rate from the amount of each guarantee but not above $100. Novatek-Ust-Luga subsidiary is acting as the principal in the transaction.

The shareholders will also consider approval of a loan agreement with Gazprombank capped at 20 bln rubles ($301.8 mln) or at an equivalent amount in foreign exchange.

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