SIBUR and EXIAR sign export trade insurance contract
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and BIAXPLEN, part of SIBUR Group, have signed a comprehensive export credit insurance contract. The conclusion of the contract marks a first for SIBUR in terms of insuring the accounts receivable of foreign buyers.
The document was signed by EXIAR CEO Peter Fradkov and BIAXPLEN CEO Anton Matvienko.
Under the transaction, EXIAR will insure shipments of biaxially oriented polypropylene films (BOPP) for approximately RUB 2.2 billion to cover against the risk of non-payment by European buyers of petrochemical products. The insurance period is one year.
EXIAR's comprehensive export credit insurance is designed to protect Russian companies fr om the risk of non-payment by foreign buyers for commercial or political reasons. Coverage extends to deliveries of goods carried out in circumstances wh ere payment has been deferred.
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.
SIBUR is a unique, vertically integrated gas processing and petrochemicals company. SIBUR owns and operates Russia’s largest gas processing business in terms of associated petroleum gas processing volumes, and is a leader in the Russian petrochemicals industry.
As at 30 September 2013, the Group has operated at 27 production sites located across the country and employed over 28,000 people. SIBUR sells its products to over 1,500 major customers operating in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical and other industries in approximately 60 countries worldwide.