Ak Bars Bank has opened the credit line for the Turkish construction company Gemont. According to a press release from the bank, the credit line is necessary to ensure the fulfillment of Gemont’s obligations for the construction of the EP-600 olefin complex for Nizhnekamskneftekhim.

In February 2020 Nizhnekamskneftekhim and Gemont signed a contract for the construction and installation works for the EP-600 olefin complex. The planned completion date for the construction and installation works is July 2023.

The Ethylene-600 project is of great significance for our region. It will drive Tatarstan's economic development and create new jobs, particularly for young professionals. Therefore, support for the construction of the complex has become a priority for us. In addition, the Turkish company Gemont is our long-standing partner. We have already acted as a guarantor of their contracts with TAIF-NK.

Zufar Garayev, Chairman of the Board of Directors, Ak-Bars Bank

Roman Vasiliev, Director of the Ethylene-600 plant, previously noted that the complex is planned to be capable of producing 600 thousand tons of ethylene, 270 thousand tons of propylene, 248 thousand tons of benzene and 89 thousand tons of butadiene. In January 2020, it was reported that the company has not yet confirmed the final configuration of the project.

The public joint-stock company Nizhnekamskneftekhim is one of the largest producers of synthetic rubbers in the world and plastics in Russia. The authorized capital of the company is 1.83 billion rubles, which is divided into 1.611 billion ordinary and 218.9 million preferred shares with a nominal value of 1 ruble. The main shareholder of the company is the TAIF group.