Vnesheconombank, SIBUR Holding, SACE S.p.A, and Technimont S.p.A sign Memorandum
Vnesheconombank (State Corporation «Bank for Development and Foreign Economic Affairs»), the Russian petrochemical company SIBUR, the Italian export credit insurance agency SACE S.p.A, and the Italian construction and engineering company Technimont S.p.A today announce the signing of a Memorandum of Understanding (MoU) for co-operation in the implementation and financing of the project to construct polypropylene production facilities in Tobolsk (Russia, Tyumen Region). The cost of the project to create a complex with an annual capacity of 500,000 tonnes is estimated at 2 billion US dollars.
The MoU was signed by Vladimir Dmitriev, Chairman of Vnesheconombank, Dmitry Konov, President of SIBUR LLC (management company of SIBUR Holding), Alessandro Castellano, Chief Executive Officer of SACE S.p.A and Fabrizio Di Amato, President of Technimont S.p.A during Dmitry Medvedev’s, President of Russian Federation, visit to Italy.
The construction of the polypropylene complex, proposed by SIBUR, is part of the “Strategy for the Development of the Chemical and Petrochemical Industry in Russia for the period up to 2015” supported by Russian Federation Government and Tyumen Region Government.
The implementation of the project during its construction stage will help to create up to 4,500 jobs. The project is focused on improving the efficiency of Russia’s natural resources, ecology and environmental protection. It will also provide a boost to industries such as housing and communal services, as well as car manufacturing.
Technimont S.p.A acts as SIBUR’s contractor for the design, equipment supply and construction management of one of the two units of the new complex.
Vnesheconombank’s financing of the project has been approved by its Supervisory Council with the total amount of the bank’s participation planned to be approximately 1.4 billion US dollars. Most of the credit funds will be secured by SACE S.p.A.
Vnesheconombank opened the first credit line of its financing of the project in September 2009.