The proposed project consists of a corporate loan to OAO Uralkaly, a potassium salt producer located in the city of Berezniki, Perm Region, in the Urals. The loan would be disbursed against equipment modernisation, purchase of rolling stock and construction of own power plant.
The transition impact potential of this project is primarily related to setting standards for corporate governance and good business conduct. Uralkaly may provide a good example of the practical implementation of the Corporate Governance Code. It has demonstrated transparent organisational structure, financial soundness, and dedication to further developing and maintaining corporate ethics. Transition impact will also come from improvements in energy efficiency and environmental compliance.
Open joint stock company Uralkaly is Russia's largest potassium salt (fertiliser) producer (4.03 million tons in 2002). It contributes to 11.3% of the world's potash production. Uralkaly's other products are magnesium sulphate (karnalite) and table salt. More than 85% of the Company's output is exported.
A 7-year senior corporate loan in an amount of up to $75 million. The Bank aims to syndicate up to $48 million to commercial banks.
$75 million (€ 67 million).
The project was screened B/1. It was preceded by an eco-efficiency audit, which revealed energy efficiency enhancement opportunities. Further environmental due diligence will determine the extent of environmental, health and safety risks and agree on a mitigation programme to bring the operation in line with good industry practice.
Uralkaly has benefited from environmental and energy efficiency audit financed by the Dutch Government.
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