OREANDA-NEWS. February 13, 2014. VTB Bank has provided a three-year USD18.5 million guarantee to the Nizhny Novgorod-based engineering company NIIK for the fulfillment of its contract to build a fertiliser plant in Mendeleyevsk in the Volga region in Russia’s Tatarstan republic.

NIIK is the Russian general contractor on the project to build the "Ammonium" plant, a joint project with Japan’s Mitsubishi Heavy Industries (MHI) and Sojitz Corporation, and China National Chemical Engineering Co (CNCEC). The project is co-financed by Tatarstan’s government.

"VTB is always interested in taking part in high-tech and innovative projects," Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said commenting on the deal. "By helping to build a cutting-edge fertiliser production facility, the bank is contributing to the development of Russia’s chemical and agricultural sectors."