ABOUT STRATEGICALLY VITAL PROJECTS[08.04.2019]
Shchekinoazot participates in the non-resource exports development program.
This week Vladimir Putin discussed strategically vital programs with the Chairman of State Development Corporation VEB.RF.
According to the President’s official website, on April 2 the President spoke with Igor Shuvalov, Chairman of VEB.RF. They talked about strategically vital projects such as the development of territories, ship construction for the Northern Sea Route, support for non-resource exports, development of small and medium business, etc.
Igor Shuvalov came to report to the President as the Head of State Development Corporation VEB.RF. During the meeting they focused on the discussion of strategic growth priorities.
“I know you wanted to start our conversation by discussing the bank’s support of high-tech exports. At the moment, it’s one of our key areas of activity. But after that I suggest talking about a wider range of issues VEB is facing,” said Vladimir Putin at the beginning of the meeting.
“As you instructed, VEB has got aboard all national projects. We are now part of all the working tools of the Russian Government. Besides, we’re actively involved in almost all initiatives taken by the Government.
Our special task is to look at any projects that generate new production facilities, goods and services thanks to export opportunities. You set an ambitious goal to increase exports in the Decree signed on May 7. We understand it as our common goal.
Before giving a loan or any other support, all development institutions, engaged in the development agenda, consider whether such a service can be in demand on international markets, or it is created to be used exclusively in the Russian Federation,” said Igor Shuvalov.
The VEB Supervisory Board has already approved several major deals related to systemic companies, such as Shchekinoazot, Kuibyshevazot, the Udokan copper mine and the Amursky gas processing plant.
It bears reminding that Shchekinoazot, VEB.RF and Gazprombank signed a syndicated loan agreement for the implementation of a project to construct a methanol production plant within the project financing factory. The signing ceremony took place on February 15 during the Russian Investment Forum in Sochi.
Andrey Tokarev, Deputy General Director for Financial Resources, signed the document on behalf of Shchekinoazot, while VEB.RF was represented by Deputy Chairman Yury Korsun, and Deputy Chairman of the Board Alexei Belous signed on behalf of Gazprombank.
The project is the third phase of a comprehensive program to increase methanol production with a capacity of 500,000 tonnes per year at the Shchekinoazot industrial site, which will make the company one of the largest producers and exporters of methanol in Russia. The project is in line with the May presidential decree regarding the development of exports of non-resource, non-energy goods.
The total cost of the project is 22 billion rubles, and the decision on the participation of VEB.RF was made by the supervisory board of the development corporation in December 2018. The planned financing period is 12 years. The syndicated loan from the financial partners will be used to pay for construction and installation work, and to purchase equipment produced in Russia.