Belaruskali climbs in debts

Russia’s VTB Bank in talks to provide loan to Belaruskali

VTB Bank, Russia’s second largest bank, is in talks to provide a loan to Belarus’ potash giant AAT Belaruskali.

VTB Bank is in quite a competitive situation as other banks, including Western ones, are also making their offers, said Yury Solovyov, deputy chairman of the board, according to RIA “Novosti".

As charter97.org reported, in November 2011, Sberbank of Russia and the Eurasian Development Bank issued a $1-billion loan to Belaruskali, with the Belarusian government providing 50 percent of the Naftan oil refinery in Navapolatsk as security. Sberbank reportedly contributed $900 million and the Eurasian Development Bank $100 million to the syndicated loan. Of the amount, $800 million went into Belarus’ gold and foreign exchange reserves.

This past June, Belaruskali announced an intention to repay the loan ahead of schedule.