OREANDA-NEWS. November 3, 2011. Under its long-term strategic partnership with the Transneft Joint-Stock Company (OJSC), Novikombank has increased financing to suppliers and contractors of the company. At the end of September 2011, on behalf of the Research and Production Enterprise Polion-P, Novikombank issued an uncovered confirmed letter of credit with post-financing for Huntsman Holland BV.

During the execution of a contract with a foreign supplier Novikombank helped Polion-P structure its transactions so as to minimize its risks and costs. By using a Novikombank letter of credit, Polion-P does not have to use company cash, and this improves the liquidity of the business as it can defer payment for goods delivered.

The risks taken by Novikombank under the letter of credit were confirmed by Ubi Banca, Italy.