EXIAR insures Russian bank’s risks in financing project to build heavy oil hydrocracking facility in Belarus
The Russian Agency for Export Credit and Investment Insurance (EXIAR) has insured a target loan issued by a Russian bank to the Mozyr Oil Refinery in order to refinance capital expenses made during a construction project on a heavy oil hydrocracking facility.
According to the detail, the amount of the insured loan will be no more than €27.5 million, while the loan’s term is 5 years.
Bank BelVEB is acting as the agent bank for the loan agreement.
The heavy oil hydrocracking facility construction project will make it possible to increase the depth of oil refining by up to 89% (similar to that of leading world manufacturers of petroleum products). The project is estimated to cost $1.4 billion and completion of construction on the heavy oil hydrocracking facility is planned for 2018.
The modern financial support tools that EXIAR offers for Russian industrial exports help Russian exporters to expand the geographic range of their shipments, receive available financial resources, and strengthens the cooperation and trade between Russia and Belarus.
Insurance coverage is provided to a bank (international or Russian) that makes a loan to an overseas Buyer (Borrower) to finance the purchase of goods and/or services from a Russian Exporter
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. 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 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of the Russian Agency for Export Credit and Investment Insurance (EXIAR)
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