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Irkutsk Petrochemical Projects in Siberia to be Financed by JBIC

1/4/2022

In late December 2021, the Japan Bank for International Cooperation (JBIC) announced a buyer’s credit agreement worth approximately $522 million USD, which was co-financed by the Japanese arms of Deutsche Bank, Société Générale and Goldman Sachs Realty, which brought total funding for two upcoming petrochemical projects spearheaded by Irkutsk Oil up to $871 million dollars.

This funding is intended for the purpose of purchasing unspecified equipment provided by Toyo Engineering of Japan for an ethylene project and a polyethylene project in Ust-Kut, Siberia expected online in the next few years. Both projects have a production capacity for 650,000 tons per year apiece. Irkutsk Oil hopes to use Siberian gas as feedstock for these projects as part of the company's plan to pivot away from traditional oil production into a more diverse petrochemical production model.