TB Bank has provided financing to Gazprom Neftekhim Salavat in the amount of US$ 165 million for one year to finance the company’s current operations, connected to the products which are exported by the company under its 2013 investment programme.
This loan has been extended as part of a three-year credit line the bank has opened to the petrochemical company.
“VTB seeks to continue long-term and diversified cooperation with all companies of the Gazprom group,” said Yuri Soloviev
, First Deputy President and Chairman of VTB Bank Management Board. “Gazprom is one of our top strategic partners. We are confident that expanding partnership with Gazprom Neftekhim Salavat will help to realise the company’s investment potential.”
Gazprom Neftekhim Salavat is a leading oil refining and petrochemical company, which operates a refinery, as well as petrochemical and mineral fertiliser production facilities. The company is majority owned by Gazprom Pererabotka, a subsidiary of Gazprom.
Gazprom Neftekhim Salavat channelled large investments into the new construction and upgrade of facilities last year. The company modernised its oil refinery by replacing old equipment and adding a hydrotreatment unit and a catalytic reforming unit.
Another major upgrade project aimed at increasing the company's primary distillation capacity involved building a 6 million tonnes/year unit for desalting, atmospheric distillation and vacuum distillation.
The company is continuing to build facilities for catalytic cracking, hydrocracking, alkylation and isomerisation.
The company is also developing its petrochemical business by modernising its ethylene production and processing facilities. A urea granulation unit – a unique facility for making acrylic acid and acrylates – has been built to expand its range of products. A new steam turbine generator is being constructed at the company’s Novo-Salavatskaya heat and power station.v