Russia’s state-owned bank and Italian insurer to ink deal to fund OAO Sibur Holding’s PP plant construction in Siberia

Vnesheconombank, Russia’s state-owned development bank and Italian insurer SACE SpA may sign an agreement tomorrow on funding for OAO Sibur Holding’s US$2 bln construction of a 500,000 tpa polypropylene plant in Tobolsk, Siberia. The agreement, which will also include Italian energy engineering and services company Maire Tecnimont SpA, is expected to be signed during Russian President Dmitry Medvedev’s visit to Rome. Construction of the plant by Sibur, Russia’s largest petrochemical company, will require an investment of over US$2 bln, to be provided majorly by VEB. SACE will insure a credit line that VEB may tap to fund the construction.
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