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Thursday, July 27, 2017

SpetsStroyService LLC secures line of credit

SpetsStroyService LLC (SSS), which manufactures and repairs steel tanks and pipelines, among other structures, has received a line of credit from the Bank of Moscow Friday worth $10.4 million to replenish capital.

The credit line will allow the company to settle with subcontractors and improve its working capital. The warranty limit also was increased by the bank to 31.3 million. This will ensure performance requirements and ensure that it meets its obligation outlined in its contracts.

"The Bank of Moscow actively develops its partner relationships...and pays special attention to the financing of representatives of this branch of the economy in regions of Russia," Evgeny Monin, director of the corporate sales management department for the Bank of Moscow, said. "We hope that the cooperation with the Bank will contribute to the effective implementation of SpetsStroyService’s projects focused on the installation support to oil and gas facilities."

SSS has been in operation since 2006 and has been able to get its operations and finances relatively stable in a short amount of time.

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