Medvedev: the project Zapsibneftekhim will receive from the national wealth Fund at $1.75 billion

HILL, 26 Oct. The Russian government approved the allocation of $ 1.75 million from the national welfare Fund for the project of SIBUR’s Zapsibneftekhim, said the head of the government Dmitry Medvedev.

“A few words on a number of documents. One of them concerns the extension of the list of investment projects, for which funds are used… we are Talking about petrochemical plant to be built in Tyumen region. The plant is large, will produce up to 1.5 million tons of polyethylene and half a million tons of propylene. It is, in fact, the materials which we in our country are lacking, partially continue to buy them abroad. And such production will reduce dependence on imports”, — said Medvedev at a meeting with Deputy Prime Ministers.

“The total investment of nearly 10 billion dollars, of which NWF is 1.75 billion. That is, the amount of funding from other sources is significant. Money is allocated according to the principle of debt financing,” — said the Prime Minister.

“We expect that the construction of the new complex ultimately will contribute to the emergence of a large number of jobs — up to 15 thousand”, — said Medvedev.

Earlier it was reported that the allocation to the Fund is envisaged in the framework of the quota RDIF with the aim of developing industrial and related infrastructure of this major investment project of SIBUR.

Zapsibneftekhim will be the largest modern petrochemical complex in Russia. The project involves the construction of the unit capacity of 1.5 million tons of ethylene, about 500 thousand tons of polypropylene and 100 thousand tons of butane-butylene fraction per year installations for the production of various grades of polyethylene and polypropylene with total capacity of 2 million tons per year.