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Up to USD 750,000,000 Multicurrency Term and Revolving Facility for JSC «Antipinsky Refinery» Facility Signed

Gazprombank (Open Joint-stock Company), Raiffeisen Bank International AG and ZAO Raiffeisenbank (Mandated Lead Arrangers) along with Glencore International AG, Vitol S.A., GLOBEX Commercial Bank, JSC GLOBEXBANK and WestLB AG, London Branch (Mandated Arrangers) are pleased to announce the successful signing of an up to USD 750,000,000 Multicurrency Term and Revolving Facility (Facility) for JSC Antipinsky Refinery located in Tyumen Region of Russia (Antipinsky Refinery or the Company hereinafter).

The Facility is structured in 3 tranches in US dollars and Russian rubles as a combination of amortizing term loans and revolving facilities, which include Pre Export Finance and project finance security elements. The Facility has an initial tenor of 1 year with an option to extend the maturity to March 2017. The purpose of the Facility is to partially refinance existing loans and to raise funds for further development of the plant. Part of the facility will be syndicated after the financial closing of the deal.

Antipinsky Refinery, established in 2004, is a medium-sized rapidly developing oil refinery involved in crude oil processing in Tyumen region. The first production complex, with an annual production capacity of 400 k tons, was launched in 2006 as a greenfield project. The first expansion of the plant (Antipinsky Refinery Complex I) was launched in 2006-2008 expanding the annual production capacity to 740 k tons. In May 2010 the second stage expansion of the plant (Antipinsky Refinery Complex II) was launched with annual production capacity of 2.8 m tons. Currently total installed production capacity (Complexes I and II) is 3.58 million tons.

The Facility will be used to finance the initial construction phase of Complex III which comprises of several stages: increase of production capacity up to 7 million tons, increase of processing depth to 70% and further to 94%, adoption of EURO-5 standard for diesel, as well as construction of respective infrastructure facilities. Total estimated CAPEX in Complex III for 2011-2015 is estimated at USD 1.7-1.8 billion.

As of now the Company processes crude oil into black oil, bunker fuel, naphtha and gasoil. The refining depth is 60%.

The main offtakers of Antipinsky Refinery are Glencore Energy UK Ltd. and Arkham S.A, a member of Vitol group.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q1 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.

Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the worlds financial centres and in Asia, the groups further geographical area of focus. Around 59,000 employees service about 13.8 million customers through around 2,900 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBIs shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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