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Overview

China Eximbank participates in RUB 16 billion syndicated buyer's credit for Shchekinoazot Ammonia Production Complex Construction Project

Commitments (Constant USD, 2023)$84,951,340
Commitment Year•2019Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 15, 2019
End (actual)
Oct 8, 2018
Last repayment (originally scheduled)
Feb 12, 2031

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • Gazprombank

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Receiving agencies

Private Sector

  • JSC Shchekinoazot

Implementing agencies

State-owned companies

  • China National Chemical Engineering Corporation (CNCEC)

Loan description

China Eximbank contribution to RUB 16 billion syndicated buyer's credit for Shchekinoazot Ammonia Production Complex Construction Project

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On February 15, 2019, Gazprombank, China Eximbank, and VEB signed an RUB 16 billion syndicated buyer's credit loan agreement with OJSC Shchekinoazot (ООО Щёкиноазот) -- a Russian raw chemicals company) -- for the Shchekinoazot Ammonia Production Complex Construction Project. The loan carries a 12-year maturity, but its interest rate and grace period are unknown. The proceeds of the loan were to be used by the borrower to partially finance an RUB 22 billion (EUR 270 million) commercial contract between OJSC Shchekinoazot and China National Chemical Engineering Co., Ltd. (CNCEC), which was signed on March 15, 2019. The purpose of the project was to construct an ammonia production complex -- in Russia's Tula Region and Shchekino district with the capacity to produce 1500 tons per day of ammonia and 2000 tons per day of urea. CNCEC was the EPC contractor responsible for project implementation. The ammonia production complex was put into operation on October 8, 2021.

Staff comments

1. The precise monetary value of China Eximbank's contribution to the RUB 16 billion syndicated loan is unknown. For the time being, AidData assumes equal contributions (RUB 5,333,333,333) across the three known members of the syndicate. This issue warrants further investigation.