Syndicate of Lenders Begins Financing Nakhodka’s Natural Gas Processing Plant Construction

The syndicate of lenders (VEB.RF and VTB Bank), along with the Far East Development Fund (part of the VEB.RF Group), has provided financing for the construction investment project of Nakhodka Fertilizer Plant in Nakhodka, Primorye Territory. On receiving prepayment, the foreign contractor, China Chengda Engineering Co., Ltd., has already started work under the EPC contract. Nakhodka Fertilizer Plant is to work at full capacity before the end of 2023.

The total design capacity of the project’s first phase is 1.8 million tonnes of methanol per year. Natural gas for production will be supplied from Sakhalin fields. The facility’s production processes and products will meet the strictest environmental standards.

The project is financed by the VEB.RF and VTB Bank syndicate on the principles of the Project Financing Factory. In addition, the Far East Development Fund allocated 7 billion roubles for the construction project, and some of the funds have already been disbursed to the project initiator as part of the first drawdown.

When completed, the project will create over 1,500 highly professional jobs in the Primorye Territory. The plant will bring about a massive increase in tax revenue, improve the efficiency of using natural resources and strengthen Russia’s position in the Asia-Pacific markets.

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