A Tatneft official told Reuters in May 2009 that the company would require $1-$1.2 billion of additional financing this year to top up a $2 billion loan raised in 2008 to fund construction of the refinery.
Tatneft’s $2 billion loan for a period of 25-months in April 2008 was arranged by ABN AMRO, BNP Paribas, Citigroup, Sumitomo Mitsui Banking Corp, UniCredit (HVB) and WestLB. It carried an interest margin of 165 basis points (bps) over LIBOR.
The first phase of the refinery, in the Tatarstan republic east of Moscow, is estimated to have capacity of seven million tonnes per year. The refinery project comprises of an aromatics complex with a capacity of 151,000 tonnes a year in paraxylene, a naphtha hydrotreater with 1.1 million tonnes capacity, a kerosene hydrotreater of 500,000 tonnes capacity and a diesel-hydrodesulfurisation facility of 1.6 million tonnes capacity.
