BSTDB Finances a Major Ammonia Producer in Russia

Press Release | 13-Aug-2001

The Black Sea Trade and Development Bank - together with the European Bank for Reconstruction and Development (EBRD) - will participate in the financing of the Togliatti Azot (ToAz) company in Russia. The total amount of the medium-term loan extended to ToAz is USD 55 million. BSTDB’s participation is USD 15 million.

The loan will be used to meet the working capital needs of the Company. This will allow ToAz to allocate its own funds for the export port facility project on the Black Sea coast. The Project will create a cost-efficient transport route to the Russian Black Sea coast with a dedicated export loading facility.

The Togliatti Azot plant is located in the city of Togliatti (60 km from Samara). The company is one of the largest world producers of ammonia and the largest Russian producer of nitrogenous fertilizers. ToAz is a major exporter of ammonia and urea to the United States, Europe and the Far East, and it figures among the lowest cost ammonia producers worldwide.