VTB Bank has provided a Ruble 1 billion ($36.1 million) credit facility to Pervouralsky Novotrubny Works for a term of 90 days. The funds were granted under a guarantee from parent company Chelyabinsk Tube-Rolling Plant (ChTPZ) to finance the company's current operations.
VTB Bank and ChTPZ have been cooperating since 2005. According to Nikolay Ustinov, VTB senior vice president, VTB is planning to extend its cooperation with ChTPZ.