Friday, May 11 2012 14:53

VTB Bank (Armenia) funds acquisition of drilling technique and equipment for VAGAN EGA Company


ArmInfo. VTB Bank (Armenia) has funded VAGAN EGA Company, which has quite significant role in development of mining and metallurgical sector in Armenia. The bank's press-service told ArmInfo the funds will be spent on acquisition of drilling equipment and technique to improve quality and volume of drilling works in any weather conditions.

"We pay big importance to development of medium-sized enterprises in Armenia especially the companies with unique and strategically important specialization for the country. Without development of related sectors it is impossible to upgrade competitiveness of the local producers of metallurgical sector in the world market," says Yuri Gusev, Acting Director General - Chairman of the Board of Directors of VTB Banlk (Armenia).

Director of VAGAN EGA cjsc Varuzhan Avetisyan says the company is happy to cooperate with VTB Bank Armenia and sure that this deal will launch a fruitful interaction.

VAGAN EGA LlC is the legal successor of Sotk Ega LLC founded in 1956. It is engaged in drilling and exploration of deposits in the most difficult areas and conditions. The company's customers are almost all the biggest metallurgical companies in Armenia, such as Agarak cooper and molybdenum combine CJSC, Sagamar CJSC and others.

VTB Bank (Armenia) jointed the VTB International Group in April 2004. The bank is traditionally among the leaders in the banking system of Armenia in terms of a number of key figures. At present the bank serves 68 branches. The bank provided 98.6 bln drams loans in the economy in 2011, ensuring a 60% growth of the given indicator for 2011.
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