OREANDA-NEWS. November 05, 2014. Sberbank CIB together with its subsidiary bank in Kazakhstan organized financing worth USD 400 mln for Joint Stock Company KazMunayGaz – Refinery and Marketing (Kazakhstan) for a period of ten years.

The funds will be used to finance LLP PetroKazakhstan Oil Products’ modernization project at Shymkent Oil Refinery.

“We are very proud of this deal for several reasons. This is not only a good example of Sberbank Group’s active work with CIS market leaders, but also confirmation of our ability to provide interesting financing solutions in the current market situation,” commented Managing Director, Head of Intersectional and International Clients, Client Management Department, Sberbank CIB, Alexey Grenkov.

In turn, Chairman of the Board, SB of Sberbank JSC, Alexander Kamalov, expressed his readiness to use every available resource from Sberbank of Russia to support the large scale initiatives of his clients in Kazakhstan.

“Sberbank offers a complete line of financial services in Kazakhstan. This deal demonstrates that we can not only make loans, but also organize financing using Sberbank Group’s resources. We are happy that we were able to contribute to the development of the country’s petrochemical industry. This is not the first successful project between Sberbank and KazMunayGaz – Refinery and Marketing, and we are confident that we will continue to develop stable and fruitful relations,” said Alexander Kamalov.

“The funds will be used to finance the first and second phases of the reconstruction and modernization of Shymkent Oil Refinery. This will include isomerization installations with a prehydro feed treatment unit, residual fuel catalytic cracking unit (RFCC), Prime G cracked gasoline hydrogenation units, and other installations that will allow for the production of Euro-4 and Euro-5 standard gasoline and to increase refinery capacity,” commented First Deputy General Director, KazMunayGaz – Refinery and Marketing, Yerbolat Kozhabayev.