Russia RDIF may invest $3.5 bln in petrochemical project
Russian Direct Investment Fund (RDIF) may spend U.S. $3.5 billion from the National Wealth Fund and raise hundreds of million dollars from other investors on petrochemical holding Sibur’s largest project, ZapSibNeftekhim, in Siberia, business daily Vedomosti reported on Friday.
“This is a very interesting and profitable project which might be carried out with the help of money of the National Wealth Fund,” RDIF CEO Kirill Dmitriev said.
Sibur declined to comment. A source close to one of the parties in the negotiations said that the company is ready to discuss conditions with the RDIF. The decision will be made in several months, a source close to another party said.
Sibur can develop ZapSibNeftekhim on its own, Gazprombank analyst Alexander Nazarov said, but, according to Raiffeisenbank analyst Konstantin Yuminov, since a high central bank’s key rate and Western sanctions made borrowing for Russian companies more difficult, Sibur might want to cut risks by finding a co-investor.