UVZ to Request Sovereign Guarantees for 250.4 M USD

Uralvagonzavod (UVZ) will request sovereign guarantees for 16 B RUB (250.4 M USD) in 2016, the TASS quotes UVZ General Director Oleg Sienko.

“We do not meet the plans on signing new contracts for our product supplies”, Mr. Sienko said. “Therefore, we will definitely be requesting for sovereign guarantees. As you know, sovereign guarantees is about extending or renewing the credit lines we had. By the end of this year we are planning to reduce our debt portfolio and, provided that the contracts we have signed are developed successfully, we target reducing credits in 2017 - 2018”.

Mr. Sienko said that 16 B RUB of additional sovereign guarantees will be requested for the next five years. The request is to be submitted in 2016.

Uralvagonzavod is one of Russia’s largest freight car manufacturers. The company is 100% state-owned.