Far East | Materials, extraction | Finance, business

VEB and CESCE in $1.5bn Khabarovsk Refinery loan move

4 Mar '09
Vnesheconombank (VEB) and Spanish state-owned insurer CESCE have agreed to ensure a $1.5bn loan for Khabarovsk Refinery upgrades, Vnesheconombank CEO Vladimir Dmitriev said today.

The Spanish agency is to reportedly insure against political and commercial risks some loans that large European banks are expected to provide for the modernization of the refinery.

Upon completion of upgrades Khabarovsk Refinery is to start processing more than 4 million tons of crude oil a year, Mr. Dmitriev said.
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