Russian state-run bank VTB has provided a one-year Ruble 1 billion (about $34.3 million) loan to Pervouralsky Novotrubny Works (PNTZ), a subsidiary of one of the largest Russian pipe producers, ChTPZ Group.
The funds were granted under the guarantee of Chelyabinsk Tube Rolling Plant (ChTPZ) to finance current activities and refinance loans of other banks.