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Kazanorgsintez may raise 30 bln rubles from Sberbank to refinance debt

October 22/2009

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.



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