State Oschadbank approved $27 million loan to GradOil
11 November 2024, 17:01
Oschadbank has signed several loan agreements with the GradOil group of companies. The agreements total $27 million. The company will use the funds to refill its working capital after capital investments in 2023-2024, the bank's press service says.
In 2023-2024, the company doubled its storage capacity for packaged oil, installed two new refined oil packaging lines and built a new 24,000 cubic metre grain storage. GradOil also installed a 4 MW diesel generator system.
"We plan to increase the share of high-margin products, packaged refined oil, from 53% to 80% in total sales next year. I will announce other ambitious plans later, and the partnership with Oschad will help us to do this," said Ivan Tarshin, co-owner and CEO of GradOil Group.
Learn more: Inside View. Gradoil
