22 Oct 2009 13:23

Kazanorgsintez may raise 30 bln rubles from Sberbank to refinance debt

MOSCOW. Oct 22 (Interfax) - Sberbank Russia may provide a loan of 30 billion rubles to Tatarstan petrochemical concern Kazanorgsintez to refinance debt.

The loan would cover the amount of the company's debt, an official at TAIF, Kazanorgsintez's controlling shareholder, told Interfax.

The loan was discussed at a recent session chaired by First Deputy Prime Minister Igor Shuvalov.

It was reported earlier that TAIF expects to settle the debt restructuring issue before the end of the month using state guarantees. Those guarantees are to be provided before November 1, so the restructuring scheme must be agreed with creditors before then.

A session chaired by Shuvalov in July examined the issue of providing state guarantees totaling 15 billion rubles.

Kazanorgsintez is a leading Russian manufacturer of polyethylene and polyethylene pipe.

Telecom-Management, a company wholly owned by TAIF, holds a controlling stake in Kazanorgsintez. State-owned Svyazinvestneftekhim has 28.4% of shares.