VTB Bank has granted Transbunker Group $17 million in long-term investment financing over five years to acquire assets for production expansion.

The bank will finance the first stage of an oil terminal project at the Ust-Luga commercial seaport in northwest Russia. The total volume of joint VTB and corporate investment in the project is currently estimated at $50 million for 2014.

"Transbunker is a fast-growing group. We have worked with them since 2003. We are ready to provide Transbunker with a range of investment and banking services in order to strengthen our relationship with them," First Deputy President and Chairman of VTB Bank Management Board Yuri Soloviev said.

Transbunker Group is a major independent bunkering company in the CIS. Established in 1991, the group, in addition to bunkering, is engaged in refining, storage, transshipment and the sale of oil products. It operates a fleet of fuel vessels and tankers and owns oil refinery and oil transshipment terminals.