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On Signing Credit Agreement between Vnesheconombank and OJSC Avtodiesel (YAMZ)

12 october 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Open Joint Stock Company Avtodiesel (the Yaroslavl Engine Plant) entered into a Credit Agreement. Under the Agreement Vnesheconombank is to commit credit resources for financing the project aimed at developing and engineering the production of a new family of YUMZ-530 engines with an engine capacity range of 100-315 hp.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on Behalf of OJSC Avtodiesel (YAMZ) – by its General Director Victor Kadylkin.

The project provides for the development and launching into batch production of a new family of midrange diesel engines in line with Euro-4 and Euro-5 ecological standards with a life cycle of no less than 20-25 years. The project provides for building a new diesel engine production plant on the basis of OJSC Avtodiesel (YUMZ). The new plant’s production capacity is 40 thousand engines per year.

This project’s implementation would help to meet demand by Russian enterprises manufacturing motor vehicle, agricultural and road construction equipment for competitive diesel engines assembled with a maximum use of Russian-made component parts. The launch of a new independent production facility with a high degree of localization would make it possible to guarantee lower unit costs of products than those of imported analogues. Batch production is scheduled to be launched in 2011.

Vnesheconombank’s participation in financing the project was approved by Vnesheconombank’s Supervisory Board.

The first tranche of the credit is to be extended after OJSC Avtodiesel has fulfilled a number of conditions precedent, specifically, the company’s shareholders should approve the transaction (major shareholders are OJSC GAZ - 61.64%, Rostechnologies - 30.39% of the company’s charter capital), the company should secure the consent of creditor banks participating in restructuring GAZ GROUP enterprises’ debts against the state guarantee of the Russian Federation for granting security for Avtodiesel’s  payment obligations under Vnesheconombank’s credit.

Open Joint Stock Company Avtodiesel (the Yaroslavl Engine Plant) is the largest Russian enterprise specializing in developing and manufacturing multipurpose diesel engines, clutches, spare parts for them as well as stationery units based YUMZ diesels.

Yaroslavl’s engines found application in more than 300 products manufactured by leading enterprises of Russia, Belarus, Ukraine. They are installed in motor vehicles, line-haul trains, heavy-duty dump trucks, harvesters, excavators, air tows, buses, timber trucks as well as in diesel power plants and units. Main consumers are RUP MAZ, Automobile Factory Ural, AvtoKraz, LLC LiAZ, RUP BelAZ, KZ Rostselmash, OJSC Electroagregat (Kursk) and others.

YUMZ engines have international certificates of conformity to the current European ecological standards. They are supplied to 50 countries of Europe, South-East Asia, Africa and Latin America.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-45-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru        
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