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POT reconstruction to be financed by Otkritie Bank with a credit line for rub 7.6 billion

Petersburg Oil Terminal (POT) and Otkritie Bank signed an agreement on financial cooperation under which a 7-year credit line was opened for RUB 7.6 billion. The resources will be used for reconstruction of POT which commenced in 2021.

The project on modernization of the terminal’s so called ‘old’ part foresees replacement of obsolete storage facilities built in Soviet times with a modern complex for transshipment of oil products. The project implementation will generate new jobs of high qualification, let increase tax revenues and ensure improvement of the port’s environmental safety with double-wall tank technology virtually eliminating the risk of oil spills. In 2021, it was given a status of a strategic investment project of the city by Saint-Petersburg Government. At least RUB 5 billion will be spent for the reconstruction. The new facilities are to be put into operation phase by phase in 2024-2025. 

“Otkritie Bank actively finances investment projects crucial for the city and provides support to strategically important industries of the country, – Mikhail Ioffe, Manageer of Otkritie Bank’s North-Western Branch, comments on the deal. – I am sure that successful cooperation of our bank and POT in the interests of Saint-Petersburg and the regional economy as a whole will continue and we will soon agree on new mutually beneficial deals.”

“We are happy to get a reliable financial partner representing the state financial sector. The bank’s support will definitely help us implement the major strategic project on reconstruction of the POT’s ‘old’ part. We also hope for our further cooperation in the future”, said Mikhail Skigin, Chairman of POT BoD.

Otkritie Bank is on the list of systemically important credit institutions approved by the Bank of Russia. It offers a full range of cutting-edge financial services to its corporate, retail, SMEs and Private Banking clients. Solid financial stability of the bank is proved by credit ratings assigned by domestic agencies ACRA (АА(RU)), Expert RA (ruAA), and NCR (AA+.ru), as well as international rating agencies Fitch (BB+) and Moody’s (Ba2). The development strategy of Otkritie Bank foresees acceleration and improvement of services as well as application of advanced fintech solutions.