Banks sign Sace covered Tobolsk-Polymer

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30 July 2010

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

Tobolsk-Neftekhim LLC

Banks have signed a $686.2 million tranche, backed by Italian export credit agency Sace, of a much wider $1.41 billion financing package to Russian state bank Vnesheconombank (VEB) to help build a 500 tonnes polypropylene production complex in Russia.

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

Sace was joined by a club of banks to finance a contract...

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