Sibur gets money from the National Welfare Fund
The Supervisory Council of the Russian Direct Investment Fund (RFPI) has approved the participation of the Fund in financing of the Sibur’s petrochemical project of Zapsibneftehim with the coste of $9.5 billion. The funds - $1.75 billion – are assumed to be allocated from the quotas of RFPI in the money of the National Welfare Fund (NWF). The Russian Direct Investment Fund will also participate in raising $1.525 billion more with other investment funds and banks. But the Fund refused the idea of entering into the capital of Sibur, which was voiced in the spring.
Yesterday, according to sources of the Kommersant, the Russian Direct Investment Fund’s Supervisory Board approved co-investment of the Fund of National Welfare’s money in the petrochemical complex of Sibur Zapsibneftehim (ZSNKh). The total cost of the project is estimated at $9.5 billion, $1.75 billion could be raised as a debt financing from the National Welfare Fund of within the RFPI’s quota (10% of the Fund, that is 402 billion rubles as of May). As the source of the Kommersant explains, the funds will be allocated through the placement of dollar-denominated bonds of Zapsibneftehim in favor of the Ministry of Finance. Up to $3.3 billion more will be provided by international co-investors, the Russian Direct Investment Fund and commercial banks. The rest will be invested by Sibur from its own funds.