VTB Bank has provided a three year, $18.5 million guarantee to the Nizhny Novgorod-based engineering company NIIK for the fulfillment of its contract to build a fertilizer plant in Russia's Tatarstan republic.
NIIK is the Russian general contractor on the project to build the ammonium plant, a joint project with Japan's Mitsubishi Heavy Industries and Sojitz Corporation, and China National Chemical Engineering Co. The project is co-financed by Tatarstan's government.
"VTB is always interested in taking part in high-tech and innovative projects. By helping to build a cutting-edge fertilizer production facility, the bank is contributing to the development of Russia's chemical and agricultural sectors," Mikhail Oseevskiy, the deputy president and chairman of VTB Bank's management board, said.
NIIK also engages in research and development and develops innovative solutions for the nitrogen industry. The company is active in Russia and the CIS, in Western, Central and South Asia, and the Middle East. It is a member of Arab, Indian and international associations of fertilizer producers.
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