OJSC Khabarovsk Refinery, a subsidiary of Alliance Oil Company Ltd, has signed
an approximately MUSD 760 long-term project financing agreement with the Russian
state Vnesheconombank ("VEB"). The financing will support OJSC Khabarovsk
Refinery's extensive reconstruction and modernization programme.
The financing agreement has a tenor of 12 and 13 years depending on tranches and
is divided into three tranches of MUSD 239, MEUR 218 and MUSD 240. The first two
tranches are to be repaid during 10 years in equal semi-annual installments, the
grace period for these tranches runs until December 2012. The third tranche is
to be repaid during 9 years, the grace period for this tranche runs until
January 2014.
The upgrade includes the construction of new hydrofining and hydrocracking
facilities and will result in enhanced refining yields and higher quality
petroleum products. The refinery's Nelson complexity index will increase from
the current level of 3.4 to 9.9, and the depth of refining will improve from 61
per cent to 93 per cent. The production capacity will expand from 70,000 to
90,000 barrels per day. The programme is developing according to plan and is
scheduled to be completed in 2012.
“The completion of the financing agreement is a major milestone in the
development of the Khabarovsk modernization programme and will ensure a
continued sustainable growth for Alliance Oil. This long-term agreement is
exceptional and unique in the current market environment and we look forward to
a long and rewarding cooperation with Vnesheconombank”, Alliance Oil's Managing
Director Arsen Idrisov said.
For further information please contact:
Arsen Idrisov, Managing Director, Alliance Oil Company, Tel.: +7 495 777 18 08
Eric Forss, Chairman, Alliance Oil Company, Tel.: +46 8 613 00 85
Also visit www.allianceoilco.com
Alliance Oil Company Ltd is a leading independent oil company with vertically
integrated operations in Russia and Kazakhstan. Alliance Oil has proved and
probable oil reserves of 526 million barrels, refining capacity of 70,000
barrels per day and a network of gas stations and wholesale oil products
terminals. Alliance Oil's depository receipts are traded on the Nasdaq OMX
Nordic under the symbol AOIL.
