EXIMBANK OF RUSSIA signing a 2.5 bln RUB loan agreement with Schekinoazot OJSC
EXIMBANK OF RUSSIA JSC, member of Russian Export Center Group, has signed a loan agreement worth 2.5 bln RUB to finance the costs of Schekinoazot OJSC, related to export contracts implementation. The agreement implies availability of the insurance to be provided by EXIAR JSC, member of REC Group.
The financing provided will enable the company to ensure uninterrupted supply, to foreign buyers, of caprolactam which is used for high-level processing into higher added-value products (polyamide-6, polyamide filaments and fibers, polyamide-based engineering plastics and film). Major share of the product manufactured in the Russian Federation is sold in the export market. Caprolactam is a high-technology export-oriented product; modernization of production allowed the company to improve the product quality significantly, as well as to minimize caprolactam production costs, compared to the product manufacturers in CIS.
“The new loan transaction has become another step in the longstanding collaboration between EXIMBANK OF RUSSIA JSC and Schekinoazot JSC in the framework of financial support of exports. Chemical industry is one of the major activities in the REC Group's portfolio, that is why development of the export component thereof is a priority for us. Schekinoazot JSC is a significant actor in the industry, with over 25 years of experience in exports”, - Tatiana Sakharova, Deputy Chairman of the Board of EXIMBANK OF RUSSIA JSC, noted.
“The insurance coverage provided by EXIAR JSC allowed the Company to receive financing on more favorable terms and, hence, to develop its business, increasing the export supplies volume”, - Nikita Gusakov, General Director of EXIAR JSC, noted.
“Collaboration with EXIMBANK OF RUSSIA JSC helps us to achieve our goal — to be one of the country leaders in manufacture of chemical products, as well as to create a contemporary, highly efficient company outstanding in the global chemical market, through increasing our exports and share in the global market of chemical raw materials and products” - Andrey Tokarev, Chief Financial Officer of Schekinoazot JSC, noted.
Schekinoazot JSC is a contemporary, dynamically developing company actively participating in implementation of Tula region industrial development programs. The company is one of the leaders in manufacture of industrial chemicals products, and occupies one of the leading positions among Russian enterprises in the Russian and global markets of raw chemicals and chemical products. The company exports its products to the Western and Eastern Europe and CIS countries, Asia, USA and Latin America. Export turnover makes 70% of the company's sales volume.
EXIMBANK OF RUSSIA JSC is part of Russian Export Center Group which also includes REC JSC and EXIAR JSC. Russian Export Center is member of VEB.RF group.