BSTDB Supports Modernization Program of a Major Ukrainian Industrial Company

Press Release | 21-Oct-2004

The Black Sea Trade and Development Bank will support a modernization program of JSC STIROL, a leading producer of nitrogen fertilizers in Ukraine, with a 5-year US$ 10 million loan.

The operation includes the upgrading of STIROL's main production lines, as well as the establishment of new manufacturing facilities for chemical products. The total cost of the modernization program and related working capital requirement is estimated at USD 40 million. The program will be implemented in two years.

The BSTDB financing will not only allow STIROL to improve its competitive position in the domestic market, but will also promote regional cooperation via increased exports to other countries of the Black Sea region.

Established in 1933 in the industrial town of Gorlovka, STIROL was privatised in 1995 and nowadays is a leading producer of nitrogen fertilizers in Ukraine and one of the biggest employers in the country. The company has also started producing pharmaceuticals complying with GMP standards of the World Health Organization.