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  «Vedomosti», Alexandra Terentieva  

«Kazanorgsintez» to obtain state guarantees

  Commission for Improvement of Sustainability of Economical Development presided by the Senior Vice-Premier Igor Shuvalov approved the provision of state guarantees to “Kazanorgsintez” (KOS) and TAIF Group, as reported by a representative of Shuvalov’s secretariat. KOS will receive state guarantees to the amount of 10 billion rubles, and “TAIF” – to the amount of 7 billion rubles.
KOS needs state security in order to refinance its debts to banks. By the end of the year KOS must repay $27,9 million to the banks. Besides, the holders of the companies’ Eurobonds to the amount of $200 million may claim their redemption as KOS infringed covenants (it’s not specified which covenants exactly). The company had negotiations with Sberbank with regards to granting of a credit to the amount of 35 billion rubles, as the participants of the meetings with Shuvalov told to “Vedomosti”.
One of the conditions under which state guarantees would have been provided to KOS was conclusion of a long – term agreement with «Sibur Holding» (an agent of “Gazprom” for interaction with KOS) on supply of ethane from Orenburg gas processing unit. It’s not known yet whether this agreement has been fulfilled or not. The representatives of “TAIF” and “Sibur” promised to give some comments later.
«TAIF» also needs state guarantees for refinancing of debts. In the beginning of 2009 the total debt of TAIF Group amounted to approximately 60 billion rubles. In the summer, General Director of “TAIF” Albert Shigaboutdinov said in the interview to “Vedomosti” that “it is steadily decreasing”.


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