Russia's VTB Bank recently opened a credit facility for Bashkortostan-based oil trader Atek with a $145 million limit to help the company service its supply contracts.
Established in 2001, Atek is an oil and refined products trader operating in Russia's domestic market. Until 2009, it focused mainly on oil refining in Ufa, the capital of Bashkortostan, processing up to 2 million metric tons of crude oil a year at its local facilities.
The company has since expanded its trading business, with trading volumes now exceeding 600,000 tons of oil and refined products a month.
VTB Bank and its subsidiaries form VTB Group, a leading Russian financial group offering a wide range of banking services and products in Russia, CIS, Europe, Asia, Africa and the U.S
The group's largest subsidiaries in Russia are VTB24, Bank of Moscow and TransCreditBank.
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