VTB Bank has provided a VAT repayment guarantee to Novokuibyshevsk Petrochemical Company (Sanors Holding) worth RUB 730 million. The guarantee was given to ensure that the company fulfils its obligation to return VAT to the budget in Q1 2014.
The bank has also issued a letter of credit for RUB 2 billion to Sanors. This includes a RUB 500 million credit agreement already in place between VTB and Sanors.
Yuri Soloviev, First Deputy President and Chairman of the VTB Bank Management Board, noted, “VTB has partnered with Sanors holding for several years now. We are interested in further strengthening our mutually beneficial relationship, which facilitates growth and has a positive effect on the development of the Samara Region.”
Sanors was established in 2011 by a merger of the largest petrochemical companies in Novokuibyshevsk, Samara Region. In December 2013, a merger of four corporations resulted in the new legal entity – Novokuibyshevsk Petrochemical Company. Currently, Sanors successfully operates the following petrochemical production lines:
- liquefied hydrocarbons;
- tert-amyl methyl ether;
- phenol, acetone, alphamethylstyrene and par tertiary butylphenol;
- olefin and synthetic ethanol;
- industrial gases.
The holding comprises Novokuibyshevskaya Thermal Power Plant 2, which supplies power and energy to Sanors companies. Sanors sells over 50 products, delivering almost 1.2 million tonnes in goods to over 20 countries. Currently, the company employs some 5,000 people. Its strategy for the future includes investments in new production lines for highly marketable organically synthesised products and a focus on replacing imports and meeting growing domestic demand.