Up to USD 750,000,000 Multicurrency Term and Revolving Facility for JSC «Antipinsky Refinery» Facility Signed

abarrelfullabarrelfull wrote on 26 Apr 2012 13:11
Tags: antipinsky c-asia refinery russia

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Gazprombank (Open Joint-stock Company), Raiffeisen Bank International AG and ZAO Raiffeisenbank («Mandated Lead Arrangers») along with Glencore International AG, Vitol S.A., GLOBEX Commercial Bank, JSC «GLOBEXBANK» and WestLB AG, London Branch («Mandated Arrangers») are pleased to announce the successful signing of an up to USD 750,000,000 Multicurrency Term and Revolving Facility («Facility») for JSC «Antipinsky Refinery» located in Tyumen Region of Russia («Antipinsky Refinery» or «the Company» hereinafter).

The Facility is structured in 3 tranches in US dollars and Russian rubles as a combination of amortizing term loans and revolving facilities, which include Pre Export Finance and project finance security elements. The Facility has an initial tenor of 1 year with an option to extend the maturity to March 2017. The purpose of the Facility is to partially refinance existing loans and to raise funds for further development of the plant. Part of the facility will be syndicated after the financial closing of the deal.

Antipinsky Refinery, established in 2004, is a medium-sized rapidly developing oil refinery involved in crude oil processing in Tyumen region. The first production complex, with an annual production capacity of 400 k tons, was launched in 2006 as a greenfield project. The first expansion of the plant (Antipinsky Refinery Complex I) was launched in 2006-2008 expanding the annual production capacity to 740 k tons. In May 2010 the second stage expansion of the plant (Antipinsky Refinery Complex II) was launched with annual production capacity of 2.8 m tons. Currently total installed production capacity (Complexes I and II) is 3.58 million tons.

The Facility will be used to finance the initial construction phase of Complex III which comprises of several stages: increase of production capacity up to 7 million tons, increase of processing depth to 70% and further to 94%, adoption of EURO-5 standard for diesel, as well as construction of respective infrastructure facilities. Total estimated CAPEX in Complex III for 2011-2015 is estimated at USD 1.7-1.8 billion.
As of now the Company processes crude oil into black oil, bunker fuel, naphtha and gasoil. The refining depth is 60%.

The main offtakers of Antipinsky Refinery are Glencore Energy UK Ltd. and Arkham S.A, a member of Vitol group.

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