VTB Bank has approved a VAT refund bank guarantee totalling RUB 658 million for UralChem Group subsidiaries Minudobrenia (Perm), Voskresensk Mineral Fertilisers (Voskresensk) and the Mineral Fertiliser Plant of Kirovo-Chepetsk Chemical Works (Kirovo-Chepetsk).
The companies need a bank guarantee to submit a VAT refund request based on their financial performance in the first quarter of 2015.“VTB has worked with UralChem Group for many years. We are interested in further strengthening our mutually advantageous relations, which promote the group’s growth and have a positive effect on the Russian chemical industry as a whole,” said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board.
UralChem Groupis one of the largest mineral fertiliser producers in Russia, the CIS and Eastern Europe.
It is the largest ammonium nitrate producer in Russia and the second largest producer of ammonia and nitrogen fertilisers in the country.