VTB Bank has agreed to provide a one-year loan to Nova Energeticheskiye Uslugi, an oil-well drilling company that is part of the Investgeoservice oil field service group and one of the largest in northwestern Siberia's Yamal-Nenets Autonomous Area.
The $286 million loan will finance the fulfillment costs of the company's contracts with leading oil companies.
"Oil production is a key to the Yamal-Nenets Area's economy. I am confident that the funding provided by VTB Bank will help increase the company's drilling capacity and promote the development of the entire region," Yuri Soloviev, the first deputy president and chairman of the management board of VTB, said.
Established in 2003, Nova Energeticheskiye Uslugi was created through a reorganization of Purneftegazgeologiya, a company incorporated in 1981 and based on the Tarko-Sale oil exploration expedition, a geological mission that had been in the area since 1965.
Investgeoservice is a group of companies engaged in oil prospecting and exploration projects, offering analysis of geological and geophysical data, hydrocarbon reserve assessment, well exploration and land surveys, and the construction of exploration and production wells, including wells for directional and horizontal drilling.
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