Amur Gas Chemical Complex secures $9.1 B in loans
Russia's Amur Gas Chemical Complex (Amur GCC) has secured $9.1 B in loans maturing in 2035, Sibur, which co-owns the plant with China's Sinopec, said in a statement on Wednesday.
The launch of the Amur GCC is another step for Sibur, Russia's top petrochemical company, towards becoming a global player, executives have said, with an initial public offering also part of that goal.
International banks will provide $2.6 B for the Amur GCC with coverage from export credit agencies SACE of Italy and Germany's Euler Hermes, Sibur said, while Chinese and Russian banks will issue the remaining $6.5 B.
State-controlled lender Sberbank, the country's top bank, said it a separate statement it will issue $700 MM of that total, while another Russian bank, Gazprombank, said it will issue a further $750 MM.
The two lenders said Russian banks will collectively provide $2.1 B of the $9.1 B total.
The Amur GCC is set for launch in 2024 and will produce 2.3 MM tons of polyethylene and 400,000 tons of polypropylene a year, processing gas fractions from Gazprom's gas processing plant, which is also called Amur.
China, home of Amur shareholder Sinopec, the world's largest petrochemical company, is the target market for the complex, which is being built in close proximity to the Chinese border in Russia's far east.
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