170 bln. rubles worth bank guarantees to be issued by Gazprombank to Rencons Holding in connection with the Gas-processing Plant construction

Within the frames of the project for construction of a Gas-processing Plant as a part of the Ethane-containing gas processing Complex in the area of Ust-Luga settlement in Leningrad region (GPK KPEG) Gazprombank and Renaissance Heavy Industries have agreed on issuance of bank guarantees for the amount of 170 bln. rubles. The total amount of the limit available in the Bank for Rencons Holding has reached nearly 253 bln. rubles. In terms of raw gas volume processing (45 bln. cu m per annum), the GPK KPEG will become one of the highest capacity enterprises in the world. “For further strengthening of Rencons Holding positions in such sectors as heavy industry, infrastructure and power generation, the long-term relations, which we establish with our financial partners, are of prime importance. Gazprombank is well-known by its irreproachable reputation and client-oriented approach. We are glad to cooperate with a so reliable financial partner in this project. Construction of the GPK KPEG in Ust-Luga is a key project of the being formed in the region gas processing and gas chemical cluster, which will boost the competitive strength of Russian gas sector at the international market and give an impetus to the long-term economic growth of the regional industry. Signing of an agreement on issuance of bank guarantees is an important step on that way. I hope that in the future prompt implementation of successful transactions and development of our reciprocal interactions with the Bank will be continued”, said Harun Çelik – Financial Director of Russian Division of Rencons Holding Construction Group.