Sibur agrees to initial funding for Russia's largest polypropylene complex

Leading Russian petrochemicals company Sibur Holding has agreed to the nitial funding amounting of US$153 mln for Russia's largest polypropylene complex. The 500,000 tpa PP complex is to be located in Tobolsk in the Tyumen region. The $153m is the first tranche of credit provided for the project by the bank. Sibur has signed a credit agreement with Russia's Vnesheconombank to finance the construction of the PP plant planned by Sibur subsidiary Tobolsk-Polymer. Completion is not expected before 2012. The facility will use Ineos technology. Preliminary work was carried out at the Tobolsk site and major equipment was ordered in July 2008. The Tobolsk-Polymer complex will also include a supporting 510,000 tpa propylene plant on the site.
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