OREANDA-NEWS. Sberbank CIB announces financing for Antipinsky Oil Refinery CJSC and New Stream Trading AG worth USD 1.75 bln for a term of 10 years. The bank will refinance the current loan portfolio and provide funds to complete the modernization of the refinery, which will allow the client to significantly improve its product range of petrochemicals, reduce refining costs and stick to the refinery’s planned modernization schedule. The transaction was prepared by a joint team from Sberbank CIB and West-Siberian Bank of Sberbank of Russia.

Deputy Director of Client Management Department, Managing Director Sberbank CIB, Kirill Polishkin said: “This is definitely a unique transaction, which required the participants’ flexibility, speed and coordination for its successful implementation. I would like to point out that for Sberbank this kind of efficient closing has become common practice for such transactions, as the market now requires non-standard solutions. We would like to thank Antipinsky Oil Refinery CJSC for choosing Sberbank CIB as its strategic partner.”

Antipinsky Oil Refinery CJSC is the only major oil refinery situated in the Tyumen Region and Ural Federal District. In the first quarter of 2014 the refinery will begin operating at a capacity of 7.5 million tons of oil per year. As a result of the upgrade, the refinery yield will increase to 94% in the third quarter of 2015 and the quality of petroleum products will meet Euro-5 standards (diesel - 2014, petrol - IV quarter of 2015).