Moscow, 20 January 2014. The Russian Agency for Export Credit and Investment Insurance (EXIAR) and BIAXPLEN, SIBUR's subsidiary, have entered into a comprehensive export credit insurance agreement. This is SIBUR's the first experience in insuring foreign receivables.
The document was signed by Petr Fradkov, EXIAR's CEO, and Anton Matvienko, BIAXPLEN's CEO.
Under the agreement, the EXIAR shall provide insurance of biaxially-oriented polypropylene (BOPP) film supplies for around RUB 2.2bn against the risk of default of European petrochemical buyers. The insurance coverage is valid for one year.
Comprehensive export credit insurance is intended to protect Russian companies against the risk of default of foreign buyers due to commercial or political reasons. The insurance covers supplies of goods under a deferred payment scheme.
Notes For Editors:
SIBUR (www.sibur.com) is a uniquely positioned vertically integrated gas processing and petrochemicals company. SIBUR owns and operates Russia’s largest gas processing business in terms of associated petroleum gas processing volumes, and is a leader in the Russian petrochemicals industry.
As of 30 September 2013, SIBUR operated 27[i] production sites located all over Russia, had over 1,500 major customers engaged in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical and other industries in approximately 60
countries worldwide and employed over 28,000[ii] personnel.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in2011 as an open joint-stock company.
The Agency's primary objective is to support high-tech export through providing insurance of export credits against commercial and political risks and protecting Russian investments abroad against political risks. The EXIAR's sole shareholder is Vnesheconombank. The Agency's authorised capital totals RUB 30bn.
[ii] Excluding personnel of non-consolidated joint ventures.
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