VTB Factoring is expanding cooperation with Nizhnekamskneftekhim, one of Europe’s major petrochemical companies (member of the TAIF Group) by increasing factoring limits from one to two billion roubles. Under the agreement VTB Factoring will fund product supplies to Nizhnekamskneftekhim customers with a payment deferral of up to 180 days.
Mr Musatov said: “Nizhnekamskneftekhim is a major player in the production and sale of a wide range of plastics and related materials. It is one of the core enterprises in the Republic of Tatarstan. We have been working successfully with it since late 2014. Back then we concluded a one-billion-rouble deal, which became a pilot project for both of us, allowing to use deferred payments systems, receiving funding on the day of delivery and reducing operational risks. By increasing funding limits we aid the development of large domestic producers and help expand the role of factoring instruments in the Russian economy.”