"Gazprom neftekhim Salavat" involves a loan of $ 400 million

JSC "Gazprom neftekhim Salavat" signed a contract with JSC "Alfa-Bank" for a loan in the amount of 400 million U.S. dollars. The transaction was made on July 10, according to the company.

Terms of the contract are not disclosed. It is reported that "Gazprom neftekhim Salavat" should fulfill its obligations under the loan until July 8, 2016.

The approval of the transaction is included in the agenda of the next meeting of the company’s board.

According to Rupec, during the year "Gazprom neftekhim Salavat" intends to raise more than 32 billion rubles of credit funds to cover the working capital deficit. Lack of capital is the result of significant investments and is explained by specific structure of their financing.

JSC "Gazprom neftekhim Salavat" is one of Russia's largest industrial refining and petrochemical complexes. It produces bulk products: gasoline, diesel fuel, kerosene, liquefied gases, butyl alcohols, plasticizers, polyethylene. Almost 100 percent of the company is owned by wholly-owned subsidiary of "Gazprom" - "Gazprom Pererabotka".