Tatneft in talks to refinance a US$2 bln to construct a refinery and petrochemical complex

14-Jan-10

Russian oil firm Tatneft is in talks to refinance a US$2 bln loan signed in April 2008 to construct a refinery and petrochemical complex. The project includes an aromatics complex with a capacity of 151,000 tpa of paraxylene, a 1.1 mln tpa capacity naphtha hydrotreater, a 500,000 tpa kerosene hydrotreater and a 1.6 mln tpa diesel-hydrodesulfurisation facility. Another secured pre-export financing loan is most likely, following the company's US$1.5 bln pre-export deal that signed in November last year and used to back the first phase of the refinery and petrochemical complex in Nizhnekamsk, in the Republic of Tatarstan. The original US$2 bln, 25-month senior secured loan from 2008 was guaranteed by Tatneft and the International Petro-Chemical Growth Fund . It paid a margin of 165 bps over LIBOR and included a six-month extension option.