Syndicate of Lenders Begins Financing Nakhodka’s Natural Gas Processing Plant Construction

29 january 2020 года
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The syndicate of lenders (VEB.RF and VTB Bank), along with the Far East Development Fund (part of the VEB.RF Group), has provided financing for the construction investment project of Nakhodka Fertilizer Plant in Nakhodka, Primorye Territory. On receiving prepayment, the foreign contractor, China Chengda Engineering Co., Ltd., has already started work under the EPC contract. Nakhodka Fertilizer Plant is to work at full capacity before the end of 2023.

The total design capacity of the project’s first phase is 1.8 million tonnes of methanol per year. Natural gas for production will be supplied from Sakhalin fields. The facility’s production processes and products will meet the strictest environmental standards.

The project is financed by the VEB.RF and VTB Bank syndicate on the principles of the Project Financing Factory. In addition, the Far East Development Fund allocated 7 billion roubles for the construction project, and some of the funds have already been disbursed to the project initiator as part of the first drawdown.

When completed, the project will create over 1,500 highly professional jobs in the Primorye Territory. The plant will bring about a massive increase in tax revenue, improve the efficiency of using natural resources and strengthen Russia’s position in the Asia-Pacific markets.

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Financed Dialysis Centre in Operation in Tver

27 january 2020 года
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Created with financial support from VEB.RF, a dialysis centre opened its doors in Tver.

The project initiator is InstroyRegion. The Tver-based Nephroline haemodialysis centre began operation in December 2019. The centre is equipped with 27 latest-generation artificial kidneys made by Nikkiso, Japan, a world leader in haemodialysis equipment production. The centre is designed to treat a maximum of 162 patients on a three-shift basis.

The project needs to be implemented to deal with the existing issue of a shortage of high-quality medical services in relation to renal replacement therapy for patients suffering from chronic kidney failure.

The Tver Region Government cooperates with VEB.RF on socially significant projects. The cooperation agreement was signed by Governor Igor Rudenya and VEB.RF Chairman Igor Shuvalov during the St. Petersburg International Economic Forum in June 2019. Cooperation with the state development corporation allows the projects to receive optimal financial support, Igor Rudenya said.

“High-technology healthcare infrastructure is one of VEB.RF’s investment priorities. The experience of building modern medical centres and creating the conditions for effective medical care should be extended to other regions. VEB.RF is involved in the construction of two more dialysis centres in Naro-Fominsk and Sergiyev Posad,” VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said.

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Report on G20 PPP Development Published

20 january 2020 года
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The Group of Twenty (G20) has published a report on PPP development in the G20 countries, prepared jointly by VEB.RF, the Russian Ministry of Finance and the National PPP Development Center.

The initiative to prepare an analytical review of the PPP infrastructure practices currently in use in the G20 countries was proposed by the Russian Federation, as a member of the G20 Infrastructure Working Group. VEB.RF, jointly with the Russian Ministry of Finance and the National PPP Development Center, initiated a survey of the G20 countries about these aspects with the aim of obtaining information on the current status of the G20 infrastructure investment markets and related problems and opportunities.

“According to the survey, 18 countries have national infrastructure funds, 16 countries have special institutions for infrastructure development. And only seven countries have PPP-related special regulation. Views differ radically on private infrastructure initiatives within the G20: from complete aversion to incentives and support. Only three countries use minimum income guarantee mechanisms to provide additional guarantees for private investors,” Deputy Chairperson and Member of the Board Svetlana Yachevskaya said in a comment on the findings of the survey. “On the whole, the G20 countries make extensive use of two payment mechanisms for PPP projects, namely availability payments and user payments. Social infrastructure projects generally use availability payments.”

The purpose of the report is to give the countries a better understanding of potential strategies and approaches for PPP mechanisms under infrastructural projects and encourage the exchange of best practices, Svetlana Yachevskaya said. In addition to the survey’s findings, the analytical report contains recommendations for infrastructure development using PPP mechanisms that are based, inter alia, on international best practices and materials from the World Bank, the IMF and the OECD.

The report describes current management approaches for infrastructure development, including information about the authorities responsible for formulating and implementing national infrastructure policies, regulatory frameworks and tools for support for infrastructural projects (including PPP projects), and approaches currently used by the countries to promote green infrastructure investments and apply digital technology to improve the effectiveness of infrastructure-related policies.

The Group of Twenty (G20) is an informal forum for the world’s largest economies. Collectively, the G20 represent 90% of the gross world product and 80% of world trade. The Group of Twenty was formally established at the September 1999 meeting of the G7 Finance Ministers and Central Bank Governors in Washington. The G20 permanent members are currently 19 countries and the European Union (EU). Apart from Russia, the G20 also includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Africa, ​the Republic of Korea, Turkey, the United Kingdom and the United States.

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VEB.RF to Provide up to EUR500mn in Financing for Amur Gas Processing Plant Construction

24 december 2019 года
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VEB.RF, together with a syndicate of Russian, European and Chinese lenders, has signed agreements to finance the construction of Amur Gas Processing Plant. The project is carried out by Gazprom Pererabotka Blagoveshchensk (part of Gazprom) in the Svobodny advanced development zone, Amur Region.

Gazprom Pererabotka Blagoveshchensk is to raise 11.4 billion euros from Russian, European and Chinese banks, with VEB.RF’s commitment of up to 500 million euros.

“VEB.RF’s participation in financing the construction of Amur Gas Processing Plant had an important role in preparing the offers of potential lenders: foreign and Russian financial institutions,” Gazprom’s Deputy Chairman of the Management Committee Famil Sadygov emphasised.

“VEB.RF is involved in the country’s biggest gas-processing and gas-to-chemicals projects. The construction of Amur Gas Processing Plant will enable Russia to increase its export potential, including in the potentially lucrative Asian markets. Amur Gas Processing Plant will become a world leader in helium production,” VEB.RF’s First Deputy Chairman – Member of the Management Board Nikolay Tsekhomsky said.

Amur Gas Processing Plant will be one of the world’s largest gas-processing facilities. It will play a significant role in supplying natural gas to China via the Power of Siberia pipeline.

Amur Gas Processing Plant will be constructed near the town of Svobodny, Amur Region. Its design capacity is 42 billion cubic metres of natural gas per year. The facility will include the world’s largest helium production. The project consists of six process trains. Two of them are scheduled to begin operation in 2021. The others will be put into operation in phases by the end of 2024. Therefore, it is intended that the facility will work at full capacity in 2025. Apart from natural gas and helium, Amur Gas Processing Plant will also produce ethane, propane, butane and pentane-hexane fraction. Investor and project originator: Gazprom Pererabotka Blagoveshchensk (part of Gazprom). Project manager and general contractor: NIPIGAS (part of SIBUR).

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VEB.RF and Gazprombank to Provide Financing for Research Reactor Construction

24 december 2019 года
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VEB.RF, Gazprombank and the International Research Center based on the MBIR reactor (IRC MBIR) (part of ROSATOM) have agreed on the terms and conditions of financing for the project to construct a multipurpose research reactor (MBIR).

The project totalling almost 80 billion roubles is aimed at building a unique research facility with a fourth-generation fast-neutron reactor at Dimitrovgrad, Ulyanovsk Region. The MBIR reactor is designed to help Russia to preserve and develop its nuclear research capability. The research reactor will be used to create and test new materials and nuclear technologies. IRC MBIR will be contracted by Russian and international companies to carry out irradiation experiments and post-irradiation tests.

VEB.RF and Gazprombank will provide a total of over 20 billion roubles in project financing under the Project Financing Factory programme. In addition to debt financing, the MBIR project is to use equity financing. The transaction has already received approval from the Supervisory Board of VEB.RF.

“Nuclear power is an excellent example of high-technology industries where the Russian Federation can definitely be viewed as a world leader. The Project Financing Factory mechanism using long-term syndicated lending is ideally suited for such large-scale and capital-intensive initiatives,” VEB.RF’s Deputy Chairman Daniil Algulyan said.

“We will help to build a facility that is of not only scientific but also strategic importance for the country. I am confident that by financing the large-scale high-technology project, we help Russian science as a whole to increase its potential. Additionally, this transaction will allow us to raise to a new level our significant cooperation with VEB.RF and ROSATOM,” Gazprombank’s Executive Vice President Alexander Ushkov said.

“Signing the financing agreement for the project to construct the research facility with a multipurpose fast-neutron reactor is consistent with ROSATOM’s strategy to create the International Research Center based on the MBIR reactor. An important aspect is that ROSATOM’s largest scientific project is attractive to investors such as these leading Russian banks,” IRC MBIR’s CEO Sergey Pastukhov commented.

Launched under the federal targeted programme New Generation of Nuclear Power Technologies for 2010–2015 with Long-Term Plans Until 2020, the MBIR project is designed to renew ROSATOM’s research reactors and aimed at helping Russia to continue to be a leader in nuclear research.

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