Russia's Sibur secures $1bn loan for polypropylene project

04 August 2009 08:54  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's state-run Vnesheconombank (VEB) has granted a $1bn (€690m) loan to Sibur for the building of a 500,000 tonne/year polypropylene (PP) unit in Tobolsk, Tobolsk-Neftekhim CEO Nikolai Kuleshov said in a statement released on Tuesday.

The unit would be built at the premises of Sibur subsidiary Tobolsk-Neftekhim in the Tyumen region of western Siberia. Sibur said in June that the plant was on track to be finished by the third quarter of 2012.

Tobolsk-Neftekhim produces about 200,000 tonnes/year of butadiene, roughly a half of Russia's annual output, and some 70,000 tonnes/year of MTBE.

($1 = €0.69)

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By: Sergei Blagov
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