VTB Gave a 38.2 Bln Rub Credit to the Atyrau Refinery Against Kazmunaygas’s Guarantee

Source Press Release
Company KazMunayGas 
Tags Strategy - Corporate
Date November 09, 2021

Atyrau Refinery (AR) and VTB Group have signed an AR financing loan agreement with the RUB 38.2 bln disbursement amount. To secure the liabilities KazMunayGas National Company has issued a corporate guarantee.

The funds will be spent to refinance the foreign currency loan for Refinery Modernisation Project financed by the Export-Import Bank of China.

Dauren Karabayev, KMG Chief Economics and Finance Officer:

“We entered into the transaction in the midst of the pandemic, however, despite the environmental challenges it was successfully closed on time. VTB agreement enabled us to leverage and diversify the KMG Group’s loan portfolio and to mitigate the overall currency risks.”

Aidar Kaliyev, Head of Central Asian Operations, VTB Senior Vice President:

“The facility transaction with AR is an important step towards strengthening the partnership between the VTB Group and KazMunayGas. It paves the way for further development of our relations and gives an access to a broad prospective market of rouble borrowings for the group companies. The completion of this transaction, which is largest in Kazakhstan oil and gas sector for VTB, confirms the Bank’s leadership and wide possibilities in providing innovative financial solutions for Kazakhstan companies.”

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd