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VTB provides guarantee for Tatarstan fertiliser plant

7 February 2014

© RIA Novosti

VTB Bank has provided a three-year US$18.5 million guarantee to the Nizhny Novgorod-based engineering company NIIK for the fulfillment of its contract to build a fertiliser plant in Mendeleyevsk in the Volga region in Russia’s Tatarstan republic.

NIIK is the Russian general contractor on the project to build the «Ammonium» plant, a joint project with Japan’s Mitsubishi Heavy Industries (MHI) and Sojitz Corporation, and China National Chemical Engineering Co (CNCEC). The project is co-financed by Tatarstan’s government.

"VTB is always interested in taking part in high-tech and innovative projects," Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said commenting on the deal. "By helping to build a cutting-edge fertiliser production facility, the bank is contributing to the development of Russia’s chemical and agricultural sectors."

NIIK is an engineering company specialising in the design of chemical plants, providing its services at all stages including construction, modernisation, expansion, retooling, and major repairs of industrial facilities. The company also engages in R&D and develops innovative solutions for the nitrogen industry. The company is active in Russia and the CIS, in Western, Central and South Asia and the Middle East. It is a member of Arab, Indian and international associations of fertiliser producers.

lending, VTB Bank

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