The EBRD is proposing to provide a medium-term corporate loan to OAO Togliattiazot (Toaz), one of the world’s largest producers of ammonia. The company is located in Togliatti, Samara oblast.
The loan would be disbursed against environmental, energy, efficiency andworking capital items in connection with the company’s ammonia production facilities.
The loan would be the first medium-term finance received by the company. It comes partly in recognition of the company’s progress in transparency and corporate governance and would encourage further progress in this area. For example, Toaz will produce accounts audited according to International Accounting Standards for 1999, 2000 and in future years.
Loan syndication will introduce the company to commercial banks and compliance with Western-style bank loan covenants.
Toaz is one of the largest ammonia producers in the world. Most of Toaz’s production is exported to markets outside of the Commonwealth of Independent States, with the United States being the major destination. Ammonia is primarily used as a feedstock for the nitrogen fertiliser industry.
A three-and-a-half year, medium-term corporate loan of US$ 40 million. The Bank aims to syndicate up to US$ 20 million (EUR22 million) to commercial banks.
US$ 40 million (EUR44 million)
The project has been screened C/1, requiring an environmental audit of the ammonia production facilities by an independent environmental consultancy. The audit has been completed and identified no major concerns. Toaz has appropriate permits for its operation, including some temporary conditions, and reported no incidents or disputes. The company is considering the possibility of ISO 14000 certification. Toaz informs the local population and other interested groups about its environmental issues through the local media. It agreed to commit itself to the implementation of an environmental action plan to improve air emission, effluent and energy efficiency. The prospect of future long-term financing with Toaz will present the EBRD with additional opportunities to achieve progress in this area.
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