Russian petrochemical company Sibur Holding, which is owned by the banking arm of gas monopoly OAO Gazprom (GAZP.RS), said Friday it has received a $153 million loan from Russian state-run bank VEB for Tobolsk-Polymer LLC, Sibur's subsidiary.
The funds will be used to finance the construction of a polypropylene production complex in the Siberian city of Tobolsk with an annual capacity of 500,000 metric tons, the company said.
Major equipment for the new plant will be delivered at the construction site between 2010 and 2011, the company said, adding that it plans to start pre-commissioning work in the second quarter of 2012.