Banks ink Hermes-covered Tobolsk-Polymer tranche

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26 February 2010

Banks have signed the Euler Hermes-backed tranche of a jumbo project financing to build a 500 tonne polypropylene production complex in Russia.

Banks have signed a $533.8 million tranche, backed by Euler Hermes, of a much wider $1.49 billion financing package to Russian state bank Vnesheconombank (VEB) to help build a 500 tonnes polypropylene production complex in Russia.

VEB will onlend the Hermes financing to Tobolsk-Polymer, a special purpose vehicle created by Sibur Holding, to support the construction of a polypropylene production complex in the Russian town of Tobolsk, in the Tyumen region.

The Euler Hermes tranche will be used...

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