Gazprombank provides 18.2 billion roubles in bank guarantees to Mostotrest
OJSC Gazprombank has provided bank guarantees to OJSC Mostotrest worth 18.2 billion roubles following the Company’s recent contract win. The project will see the construction of a highway in Sochi: “Secondary road along Kurortnyi avenue between 172nd kilometre of the M-27 “Dzhubga-Sochi” highway and the PK0 Sochi bypass (Agura river), including reconstruction of a section of the road between Zemlyanichnaya Street and Kurortnyi avenue, Sochi, Krasnodarski krai”. The second section will include construction works from Zemlyanichnaya Street to the Sochi River, with the third section covering construction works from the Sochi River to the Psahe River.
The state contract was awarded as part of the federal works in preparation for the Sochi-2014 Olympic Games.
Earlier on November 8 Gazprombank increased Mostotrest’s current credit limit to 25 billion roubles for a period of 48 months. Borrowed funds are intended to finance bank guarantees and the ongoing activities of the Company.
Gazprombank (Open Joint Stock Company) - one of the three largest banks in Russia and ranks fifth in the list of banks in Central and Eastern Europe. Among the clients of the bank are about 3 million individuals and 45,000 corporate clients.
As part of an extensive regional network OJSC Gazprombank has 43 branches and five subsidiary Russian banks. Gazprombank participates in the capital of three foreign banks - Belgazprobbank (Belarus), Areximbank (Armenia) and Gazprombank (Switzerland) Ltd. in Zurich (Switzerland). Gazprombank opened offices in Beijing (China), New Delhi (India) and Ulaanbaatar (Mongolia).
Open Joint Stock Company “Mostotrest”, including Limited Liability Company “Corporation Engtransstroy” and Limited Liability Company “Transstroymekhanisatsiya”, is the leading diversified Russian infrastructure construction company and the largest bridge construction company in Russia. According to independent industry consultant PMR, in 2009 Mostotrest had 7.8% of the Russian infrastructure construction market (excluding road maintenance and overhaul) and 25% of the bridge building market by revenue for works conducted in-house.
The Company’s core operations include construction and overhaul of bridges (including highway, railway and city bridges) and highways and other infrastructure facilities.
The Company was founded in 1930 as All-Soviet Trust for the construction of extra large bridges “Mostotrest”. To date the company has completed over 7,500 infrastructure facilities including bridges, foot bridges, tunnels and complex transport interchanges.
Mostotrest is currently working on many important infrastructure projects in Russia, including construction of the infrastructure facilities for the Sochi Winter Olympics 2014, the section of the Moscow Fourth Ring Road, infrastructure facilities on the M-4 “Don” highway and others.