VTB to allocate > $10 B for Ust-Luga gas processing complex project
VTB will allocate 800 billion rubles (> $10 B) over several years to finance the project to build a complex for processing ethane-containing gas in Ust-Luga in the Leningrad region, the bank's head Andrei Kostin told journalists.
VTB's first deputy chairman, Dmitry Pyanov, told Interfax that the plan was to disburse the first 300 billion rubles this year and another 500 billion rubles next year.
"There are market conditions. It will not bring losses," Kostin said.
VTB plans to obtain a subordinated deposit of 200 billion rubles from the National Wealth Fund for the project.
The construction operator for the Ust-Luga facility is RusChemAlliance, a company equally owned by PJSC Gazprom and JSC RGD. The complex will become Russia's largest gas processing plant and the world's second largest facility by capacity. Its annual processing capacity will reach approximately 45 billion cubic meters of gas. The total investment project cost, including VAT and operational cash flow during the investment phase, is nearly 5 trillion rubles at nominal prices.
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