Russia’s Sberbank may provide €2bn loan to Belarusian Naftan

Head of Russian Sberbank German Gref and Director General of OAO Naftan Vladimir Tretyakov have signed a memorandum on investing €2 billion in projects of the Belarusian company, BelTA learned from the director of Naftan.

“The document proves that the bank views Naftan as a strategic partner and is going to consider the possibility of investing €2 billion in the development of the oil processing industry,” Vladimir Tretyakov said. In his words, after the presentation of concrete projects the bank will consider the payback of these projects and make a corresponding decision. The head of the company added that the sides did not discuss the terms of the loan because it pertains to the program which is designed to run in 2015-2020.

Vladimir Tretyakov said: “We will not take a loan in the near future because the program of Naftan is currently sponsored by the company itself and by the loans of other foreign banks. The loan may be used in the future. We are currently working out corresponding documents on real projects which could be presented to Sberbank.” According to Vladimir Tretyakov, the Russian bank “is not going to be a monopolist in lending and will not infringe upon the interests of the company and its financing from other sources.”

The memorandum on strategic partnership between Russian Sberbank, OAO Belarusbank and OAO Naftan for the period of three years was signed at the St. Petersburg International Economic Forum. If sides do not decide to abrogate the agreement, it will be prolonged for a year.

The Novopolotsk-based oil refinery was commissioned in 1963. The enterprise was reincorporated in 2002 as a joint-stock company. In 2008 the large chemical enterprise Polymir was merged with Naftan. OAO Naftan’s development program for 2010-2015 provides for increasing the oil processing volume up to 12 million tonnes per year. In January-April 2014 the company manufactured Br18.1 trillion worth of products. Naftan’s output went up 9% over the same period of 2013.