OREANDA-NEWS. July 14, 2009. DTEK, the Ukrainian fuel and energy market leader, has signed an agreement with ZAO “Prominvestbank” to establish a new credit line worth US\\$20 million for a period of 18 months.
 
Outside funds will be directed at realizing the investment programme for DTEK’s power generation segment. The company will purchase turbines produced by Power Machines (Saint-Petersburg, Russia) for its power generation unit Vostokenergo.
 
The first letter of credit within this programme, worth 250 million rubles, was finalised on 9 July 2009.
 
Commenting on this event, ZAO “Prominvestbank” Vice Chairman Alexander Chajnikov, said: “It is essential for us to maintain cooperation with DTEK, our long-term partner, who, despite the crisis, remain in a stable position and continue to invest in the company’s future”.
 
DTEK CFO, Yuriy Ryzhenkov, noted: “This agreement is very important for DTEK. We have continued our cooperation with Prominvestbank,  and we have always had a mutually beneficial partnership with this financial institution. Now  we have secured the funding to continue our investment programme within the original timeframe. It is important to note that “Vostokenergo” is the only thermal power generation entity in Ukraine that is undertaking a wide scale modernization programme in 2009.”