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Russian banks to finance construction of Amur gas chemical complex by providing $2.1 billion

Amur GCC should become a modern production facility, which will be among the world’s best petrochemical facilities in terms of its environmental & operational metrics. Construction work on the project is scheduled to be completed in 2024–2025

Russian banks to finance construction of Amur gas chemical complex by providing $2.1 billion

Moscow, December 8 - Neftegaz.RU. Amur Gas Chemical Complex (Amur GCC), signed loan documents to finance the completion of its construction.
Amur GCC will act as the borrower; Russia's petrochemical company SIBUR and China Petroleum & Chemical Corporation (Sinopec) will be sponsors proportional to their stakes (60/40, respectively) in the joint venture.

Set to become the world’s largest basic polymer production facility, Amur GCC will have a capacity of 2.7 million tpy, including 2.3 million tpy of polyethylene and 400 000 tpy of polypropylene, and will be producing a wide range of grades.

Peter O'Brien, Managing Director for Economics and Finance at SIBUR, said:
  • SIBUR continues to demonstrate proven expertise in raising competitively priced capital for large-scale investment projects
  • With financing secured, the construction of Amur GCC, one of the world’s largest polymer production facilities, will continue towards completion on schedule
  • The project is set to contribute much-needed additional supply of polyethylene and polypropylene to global markets to address the needs of modern consumers
Upon completion of standard conditions precedent, Amur GCC will begin to draw on the loan which will total $9.1 billion and has a final maturity of 2035.
Project costs in excess of 9.1 billion will be covered by the JV parties pro rata.

Russian state-controlled lender Sberbank will finance the construction of the Amur GCC by providing $700 million through a syndicated loan.
The total size of the loan attracted from Russian banks is $2.1 billion, maturing in 2035.

Andrey Shemetov, head of SberCIB of Sberbank, noted:
  • Sber took part in a syndicate to finance the Amur GCC by providing $700 million
  • The Amur GCC is designed to widely use green energy, a closed water treatment system and other technological solutions aimed at reducing the carbon footprint and meeting international environmental standards
  • Undoubtedly, Sber has a focus on projects like that
  • I would also like to note that the Amur GCC project is extremely important not only for the regional economy
  • It also significantly strengthens the competitive opportunities for the Russian chemical industry in the international market
The credit facilities are provided by international banks under coverage from Italian (SACE) and German (Euler Hermes) export credit agencies and also from Chinese and Russian banks on a commercial basis.
The total amounts of ECA-backed and commercial credit facilities will equal $2.6 billion and $6.5 billion, respectively.

To read the news in Russian

Author: Ekaterina Svintsowa

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