On June 17 within the framework of St. Petersburg International Economic Forum a club of banks, representing leading global financial institutions, such as Sberbank of Russia, European Bank for Reconstruction and Development, BNP Paribas, ING Bank N.V. and HSBC. signed a multifacility loan agreement for an amount of €750 million for a period of up to 12,5 years to finance the construction of RusVinyl polyvinyl chloride plant, Russia’s biggest integrated petrochemical complex.
The signed agreement consists of a €150 million loan from Sberbank of Russia, a €150 million loan from EBRD and €450 million split between BNP Paribas, ING Bank N.V. and HSBC and guaranteed by COFACE and ONDD, the Export Credit Agencies of France and Belgium. The Export Credit Agencies will provide insurance cover on the financing of equipment, license and service purchases from the French and Belgian companies, RusVinyl’s project partners. The Parties also acknowledged the finalization of a set of other agreements related to this financing. They are now working towards getting the first drawdown of the project financing available around the end of the third quarter 2011.
Belgian Prime Minister Yves Leterme and Russian Minister of Economic Development Elvira Nabiullina formally opened the signing ceremony which was also attended by Leonid Mikhelson, Chairman of the Board of Directors of SIBUR, Christian Jourquin, CEO of Solvay S.A., Dmitry Konov, SIBUR President, Jacques van Rijckevorsel, Chairman of the Supervisory Board of SolVin, Jean-Louis Plumecocq, RusVinyl General Director, Thomas Mirow, EBRD President, Andrey Donskih, Deputy Chairman of the Board of Sberbank, as well as top-managers of BNP Paribas, HSBC and ING Bank N.V.