Russia: Tatneft Wins Financing for New Refinery
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Tuesday, 27 December 2011 |
 OAO TANECO, a subsidiary of Russia’s Tatneft, has received financing worth $75m to build a new refining complex in Tartarstan. The loan, which comes from a consortium of lenders lead by Danish credit agency EKF, will last ten years with an interest of LIBOR plus 1.1% per year.
A further facility agreement worth up to $144.48m has been agreed through Italian credit export agency SACE, which will reimburse TANECO for purchases of Italian equipment and services for the project. The second loan will last for 12 years, with an interest rate of LIBOR plus 1.25%. Tatneft has said it will act as a guarantor of both loans. The refinery is being constructed in the Nizhnekamsk region of Tartarstan, and will process high sulphur oil into a wide range of petrochemical products.
PetrolWorld 27122011
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