OREANDA-NEWS. February 03, 2011. Russia’s Raiffeisenbank has issued a bilateral loan to the Neftegazindustriya Group worth USD 220 million for 5 years. The loan will be used to refinance the loan portfolio of one of the companies of the Group: the Afipsky oil refineryб reported the press-centre of Raiffeisenbank.

The loan is a secured depreciable line of credit.

According to Oxana Panchenko, the Head of Corporate Banking and Corporate Financing Directorate, and member of the board of Raiffeisenbank, this deal has confirmed the Bank’s strong position in providing integrated financial solutions for clients. It is also significant because it is with one of the largest private oil refining facilities in Russia.

"It is important to note the high level of efficiency, the responsiveness and the smooth functioning of all the divisions of Raiffeisenbank, which partaked in our joint work. Our fast developing company is highly satisfied with the acquisition of such a strategic partner," said Yuri Krimsky, the Chairman of the Board of Neftegazindustrii.

The Afipsky refinery is located in the Krasnodar region where it produces jet fuel, diesel fuel, export-grade technological gasoline and fuel oil. The processing capacity of the refinery currently stands at 4 million tonnes of crude oil per year. In the next 2 years plans are in place to increase the processing volume to 6 million tonnes per year.