SIBUR signs credit agreement for construction of petrochemicals complex


Vnesheconombank, the Russian state-run bank, has reportedly opened a $153m credit line for a subsidiary of SIBUR Holding which will see the construction of one of the largest petrochemical plants built in Russia in recent decades.

The credit line has been opened for Tobolsk-Polymer LLC, a subsidiary of SIBUR Holding – Russia’s largest petrochemical company.

The agreement to open a credit line was signed by Vladimir Dmitriev, Chairman of Vnesheconombank, and Dmitry Konov, President of SIBUR, during the 8th International Investment Forum ‘Sochi-2009’.

The funds will be used to finance the construction of a polypropylene production complex in Tobolsk with an annual capacity of 500,000 tonnes, while major equipment for the new plant will be delivered at the construction site during 2010-2011.

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