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News

04.12.2014

EXIAR covers risks for shipments of metal products to Belarus

The Russian Agency for Export Credit and Investment Insurance (EXIAR) has insured exports of products manufactured by Magnezit Group, ENERGOPROM Novocherkassk Electrode Plant, and other suppliers to the Republic of Belarus.

A buyer credit insurance contract was signed between EXIAR and Promsvyazbank. Under the terms of the deal, Promsvyazbank set a financing limit of USD 18.9 million to Belarusian Steelworks, the management arm of the Belarusian Metallurgical Holding Company, in order to pay for the Russian shipments. EXIAR is covering the risk of default under the loan agreement.

Buyer credit insurance is a product offered by the Agency which protects a Russian or foreign bank against the risks of loan default. Coverage extends to credit provided to a foreign borrower allowing them to perform their obligations under an export contract signed with a Russian exporter.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion. Eximbank of Russia is a subsidiary of the agency.

Promsvyazbank is one of Russia's leading private banks, with assets totalling RUB 905 billion. As at 1 October 2014 the amount of equity capital was RUB 108 billion, according to Russian Accounting Standards (RSBU) data. Promsvyaz Capital B.V. owns 88.25% of the bank's charter capital, with the remaining 11.75% belonging to the European Bank for Reconstruction and Development. The bank has the following credit ratings from international rating agencies: BB from Standard & Poor's (negative outlook), Ba3 from Moody's Investors Service (stable outlook), B+ from Fitch Ratings (stable outlook), and an individual credit rating of AA + from Russia's National Rating Agency. The bank's network in Russia includes approximately 300 sales outlets as well as a branch in Cyprus and representative offices in Ukraine, China, Kazakhstan and India.

Magnezit Group is a vertically integrated company offering beginning-to-end production of refractory materials, innovative engineering solutions, and comprehensive servicing of thermal generating units.

ENERGOPROM Group is one of Russia's leading companies in the carbo-graphite sector. The group manufactures high-tech electrode, cathode and other carbo-graphite products for companies operating in the steel, aluminium, ferroalloy, silicon, chemical, nuclear and mechanical engineering industries. It is among the five largest manufacturers of carbo-graphite products in the world. The company operates on a global scale, exporting approximately 50% of its products, and running a sales network covering more than 60 countries.

Belarusian Steelworks, the management arm of the Belarusian Metallurgical Holding Company opened in 1984 and today is one of the biggest organisations of its kind in Europe. The company employs high-tech methods and specialises in steelmaking, rolled products, hot-rolled seamless pipes and steel wire cords for the tyre industry. The company mainly works with scrap metal. Belarusian Steelworks' commercial output places it among the five largest companies in Belarus, and is one of the country's leading exporters. In 2011 the company produced over 2.6 million tonnes of steel, approximately 2.2 million tonnes of rolled products, over 110,000 tonnes of steel pipes, and over 400,000 tonnes of wire for various purposes. Two and a half million tonnes of metal products were sold in 2011 – a 3.3% increase on the previous year. Revenue from sales over the period amounted to USD 1.9333 billion, with profits reaching USD 3.671 million.

External communications EXIAR