Vnesheconombank has started to finance SIBUR’s ZapSibNeftekhim project to build a hydrocarbon processing facility. The first tranche is 100 million US dollars. The Bank’s Supervisory Board agreed in December 2017 to provide financing of 400 million US dollars for the project.
“In accordance with the Development Strategy until 2021, Vnesheconombank is involved in project financing in high-technology industries. Vnesheconombank’s strategy and business model specify 26 key industries in each priority investment area. The Bank formulates industry-specific plans. The Polymer Chemistry industry business plan received approval from the Strategy Committee of the Supervisory Board. To build up a high-quality portfolio, we make use of sectoral expertise and select projects in close cooperation with relevant ministries and major market players,” Vnesheconombank’s First Deputy Chairman and Member of the Board Dmitry Kurdyukov said.
The project is designed to develop deep conversion of by-products of Western Siberian oil and gas production, including associated petroleum gas (APG). The project involves the construction of units to produce various grades of polyethylene (1.5 million tonnes) and polypropylene (500,000 tonne). The new facility will make import-substituting polymers and will give an added impetus to finding energy-efficient and green solutions for various manufacturing segments of the economy (pipes and windows for community facilities, automotive parts and components, medical equipment and materials).