VEB may issue $400 mln financing for Sibur’s ZapSibNeftekhim

MOSCOW, Jan 9 (PRIME) -- Russia’s Vnesheconombank may issue an up to U.S. $400 million financing to a $9.5 billion ZapSibNeftekhim petrochemical plant of holding Sibur, while financing of the Russian Direct Investment Fund (RDIF) and its co-investors may contract by the same amount, as seen by PRIME on December 31, 2017 in a government ruling.

The project envisages construction of a pyrolysis unit with an annual capacity of 1.5 million tonnes of ethylene, 500,000 tonnes of propylene and 100,000 tonnes of butane-butylene, as well as of units for production of various types of polyethylene and polypropylene with a total capacity of 2 million tonnes annually. The launch is planned for 2019.

The RDIF, its co-investors, and banks were supposed to invest $3.3 billion, but the new ruling stipulates that the fund is to invest only $2.9 billion.

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