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Learn moreNaftaGaz and VTB Leasing agree on priority cooperation
JSC NaftaGaz and JSC VTB Leasing signed a memorandum on cooperation on May 25, 2018 within the framework of St. Petersburg International Economic Forum. The agreement confirms an interest taken by both companies in joint implementation of modernization program and procurement of drilling machinery for oilfield services company NaftaGaz using financial and operational leasing. The agreement signed is valid till May 31, 2023.
For the duration of the document the leasing company offers special lease terms and conditions to JSC NaftaGaz and production companies under its control. The projected volume of transactions under the agreement is at least 5 billion roubles. This reflects high level of lessor’s trust in expected future development of oilfield services company. Cooperation with VTB Leasing not only allows to expand access to optimum lease offers, but initiate closer engagement in developing other financial products with VTB — the leading banking group in Russia.
Cooperation between the companies commenced in 2016 from motor-vehicle transport procurement financing transactions. In 2017 a limit of financing up to 1 billion roubles was established for Naftagaz Drilling LLC. Additional agreement on cooperation is signed subsequent to increase in production activity of the company and higher needs in equipment. In 2017 Naftagaz Drilling reached its first million meters drilled since the beginning of activity, and the drilling rate exceeded 600K meters in one calendar year.
NaftaGaz gives priority to technical and engineering reequipment. In 2015–2017 over 3 billion 7 million roubles were invested in modernization and procurement of equipment, over 2 billion 600 million of them being invested in 2017 alone. The investments have already allowed NaftaGaz to reach Top 5 privately owned drilling companies in Russia at last year end.
“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, CEO of VTB Leasing JSC.
NaftaGaz 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’, commented in turn Mr. Islam Nazaraliev, CEO of NaftaGaz JSC.
