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On Financing the Nitrogen Fertilizers Manufacturing Complex Construction Project in Mendeleevsk (the Republic of Tatarstan)

17 june 2011 года
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In the course of the 15th Petersburg International Economic Forum in the presence of Tatarstan’s President Rustam Minnikhanov, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Japan Bank for International Cooperation (the JBIC) signed an Agreement on extending a credit worth 1,0 billion US dollars  for a period of 14.5 years to Vnesheconombank.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the JBIC – by its Executive Director Fumio Hoshi.

The Credit Agreement with the JBIC provides for extending financing to Vnesheconombank from the JBIC and the Club of Foreign Banks headed by Sumitomo Mitsui Banking Corporation (Japan) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Japan) against the coverage of Export Insurance Agency Nippon Export and Investment Insurance (NEXI), Japan.

The long-term funds provided by foreign financial institutions are to be used by Vnesheconombank to finance the Ammonia, Methanol and Carbamide Manufacturing Complex Construction Project in the city of Mendeleevsk, the Republic of Tatarstan. The project is being implemented by OJSC Ammonii.

In the course of the Forum credit agreements were signed on extending monetary funds worth 1.65 billion US dollars for a period of 14.5 years to OJSC Ammonii by Vnesheconombank.

Other funds to finance the said credit agreements are to be raised by Vnesheconombank from other sources of funding.

Earlier, under OJSC Ammonii’s project, a foreign trade contract for supplying equipment and performing work was concluded with the consortium comprised of such Japanese companies as Mitsubishi Heavy Industries, Ltd, and Sojitz Corporation as well as China’s company – China National Chemical Engineering Corporation.

The Credit Agreement signed with the JBIC is witness to improved business ties between the financial institutions of Russia and Japan, a high level of trust in Vnesheconombank and foreign companies’ interest in working on the Russian market.

Vnesheconombank’s participation in financing the project being implemented by OJSC Ammonii is another step in enhancing the Russian real economy.

 

Press office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru


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