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02/07/2011 / RUSSIAN FEDERATION / EXPORT & TRADE FINANCE
Crédit Agricole CIB co-leads the financing to revamp the Khabarovsk oil refinery in Russia
On October 22nd, 2010, Crédit Agricole CIB, BNP Paribas and BBVA, as mandated lead arrangers, successfully closed the financing of the revamping of Khabarovsk oil–plant owned by Alliance Oil and to be executed by Tecnidas Reunidas (Spain).
Crédit Agricole CIB shares amount to 23.4%. The other banks in the club deal are Banesto, La Caixa and Société Générale.
This revamping will enable the production to increase by 1.5 million tons a year. The refinery is owned by Alliance Oil Group, who secured a loan from Vnesheconombank (VEB), funded through a group of international banks to maintain the company’s investment plan.
VEB is the borrower and the intermediary bank of the USD 875 million financing package, structured as follows:
- a EUR 218 million and a USD 239 million facilities, 99% covered by the Spanish Export Credit Agency CESCE,
- a USD 233 million tied commercial loan.
The bulk of the loan will be spent for the construction of a hydro processing complex (hydro cracker) which is being built by Tecnicas Reunidas in order to produce lighter line of products with higher margins.