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Press: Agreement worth 5 billion roubles signed between VTB Leasing and Naftagaz-Drilling

Press: Agreement worth 5 billion roubles signed between VTB Leasing and Naftagaz-Drilling
In the frame of St. Petersburg International Economic Forum, VTB Leasing (a member of VTB Group) and Naftagaz-Drilling signed a cooperation agreement. The expected volume of transactions may exceed 5 billion roubles, the agency correspondent reports.

The document provides for the implementation of modernization program and purchasing of drilling machinery with the use of financial and operational leasing.

“VTB Leasing has been successfully cooperating with NaftaGaz oilfield service company since 2016. Signing of the agreement is the next step towards development of long-term partnership between our companies. We are in an ongoing dialogue with our customer. We discuss a number of joint projects for this year, including participation in financing the investment program of NaftaGaz Group enterprises. I am confident that our cooperation will contribute to the growth of operating and financial performance of NaftaGaz Group and the development of the oilfield service industry as a whole”, said Mr. Dmitry Ivanter, Director General of VTB Leasing JSC.

Mr. Islam Nazaraliev, NaftaGaz Director General, noted great competence of VTB Leasing in the oilfield service leasing market.

“Our company values the existing shared understanding with VTB Leasing in the matter of technical re-equipment of our rig assets. Such understanding didn’t come from nowhere: VTB Leasing contributes massively to the development of domestic oilfield service market through leasing services, and today it is one of the few companies with significant competence in this area. As a result, the company is one of the key financial partners of the industry, including of NaftaGaz. By results of 2017 Naftagaz-Drilling, our drilling division,  was among top 5 independent drilling contractors in Russia in terms of meters drilled, and we are pleased to note that successful development of the company resulted in long-term cooperation on a mutually beneficial basis“, said Mr. Nazaraliev.

As Mr. Nazaraliev told RIA Novosti, the agreement is valid until 2023. “Depending on the market, a limit of 5 billion roubles is expected to be drawn down. If oil price behaviour persists, then, most likely, this (the term of the agreement — editorial comment) will be much earlier”, he added.