Sibir plans to raise 400 mln euro loan for ZapSib-2 project in Q3 (Parts 2)

Interfax, 18.06.2015

ST. PETERSBURG. June 19 (Interfax) - Sibur plans to raise a loan of 400 million euro to build a Technip unit for the ZapSib-2 project in Q3 2015, the Russian petrochemicals giant's majority shareholder, Leonid Mikhelson, told reporters on the sidelines of the St. Petersburg International Economic Forum.

"We've virtually rounded the talks off. [We'll be raising a loan] to cover the whole contract amount, around 400 million euro," he said, adding that it would be possible to raise the loan at the end of Q3.

The Russian Direct Investment Fund (RDIF) will not receive a stake in Sibur in return for funding ZapSib-2 from the National Welfare Fund (NWF), Mikhelson said.

"No, this is pure financing," he said, when asked whether the RDIF would receive shares in Sibur after it has channeled NWF money into the project.