Funds of NWF are invested in construction of the West Siberian petrochemical plant
The Prime Minister of the Russian Federation Dmitry Medvedev signed the order prepared by the Ministry of Economic Development of the Russian Federation "About extension of the list of self-sustaining infrastructure projects in which securities Fund of national welfare can be placed".
The signed list is added with the construction project of the West Siberian petrochemical plant realized by PJSC SIBUR Holding. Such measure will promote decrease in dependence of Russia on import of polyethylene and polypropylene, and also of products from them.
The list of the self-sustaining infrastructure projects realized by legal entities in which financial assets the fund of national welfare and (or) pension accumulation which are in trust management of the state management company on a returnable basis are placed is approved by the order of the Government of November 5, 2013 No. 2044-р.
The project assumes construction in the Tyumen region of hi-tech and eco-friendly production of polymeric production, scarce in domestic market, with a high added value, with capacity of polyethylene up to 1.5 million tons per year and to 0,5 million tons of polypropylene (import deliveries dominate now).
Co-investment of funds of the National Welfare Fund (NWF) to the Project is supposed within the quota approved for the Russian Direct Investment Fund (RDIF).
Following the results of a meeting of the Supervisory board of RDIF on June 18, 2015 the Project is unanimously approved.
The total amount of investments into the Project will make 9.5 billion dollars, from which own funds of PJSC SIBUR Holding are 4.45 billion dollars, funds of RDIF, co-investors and banks are 3.3 billion dollars, funds of NWF are 1.75 billion dollars.