OREANDA-NEWS. January 15, 2014. Sberbank CIB announces financing for Antipinsky Oil Refinery CJSC and New Stream Trading AG worth USD 1.75 bln for a term of 10 years.

The bank will refinance the current loan portfolio and provide funds to complete the modernization of the refinery, which will allow the client to significantly improve its product range of petrochemicals, reduce refining costs and stick to the refinery’s planned modernization schedule. The transaction was prepared by a joint team from Sberbank CIB and West-Siberian Bank of Sberbank of Russia.

Deputy Director of Client Management Department, Managing Director at Sberbank CIB, Kirill Polishkin, said: “This is definitely a unique transaction, which required the participants’ flexibility, speed and coordination for its successful implementation. I would like to point out that for Sberbank this kind of efficient closing has become common practice for such transactions, as the market now requires non-standard solutions. We would like to thank Antipinsky Oil Refinery CJSC for choosing Sberbank CIB as its strategic partner.”

Chairman of the Board of Directors of Antipinsky Oil Refinery CJSC, Dmitry Mazurov, said: “Antipinsky Oil Refinery CJSC is an inherently unique refinery. For the first time in more than 30 years, a company was able to build in a mere nine years a private refinery from scratch which has an annual capacity of more than 7.5 million tons. Today, Antipinsky Oil Refinery CJSC is an all-Russian brand. Financing provided by Sberbank CIB will go to further development and modernization of the refinery in order to significantly improve the quality and range of products.”