MOSCOW (MRC) -- SberSberia, a subsidiary of SberStrakhovanie, together with Ingosstrakh and Rosgosstrakh signed an agreement to insure the construction of the Irkutsk Polymer Plant (a project of the Irkutsk Oil Company, INK), Interfax reports.
"The insurance contract for a total insured amount of more than 203.6 billion rubles was concluded for six years and covers the risks both for the period of construction and commissioning, and during the warranty service of commissioned facilities," the report says.
The press service of the INC, citing Mikhail Volkov, CEO of SberStrakhovanie, notes that the parties have already agreed on the possibility of expanding insurance coverage by 10% in excess of the agreed amount. The Irkutsk Polymer Plant is the third and final stage of INK's own gas project, which the company has been implementing since 2014. Earlier, INC estimated the entire project at 450 billion rubles, and the IRP itself at about 250 billion rubles.
As reported, the Irkutsk Polymer Plant is scheduled to be launched in 2024.
At the end of December last year, the Irkutsk Oil Company (INC) attracted a loan for the construction of the Irkutsk Polymer Plant (IZP) in the amount of USD 871 million from a consortium of foreign banks.
The Irkutsk Oil Company is implementing the construction of a polymer plant in Ust-Kut as part of the creation of a gas chemical cluster that includes gas production, treatment, transportation and processing facilities. This is the first plant in Eastern Siberia for the production of polymers from ethane, provided with its own raw materials. The production capacity of the site will be 650 thousand tons of marketable products per year.
In April 2019, the Irkutsk Oil Company signed an agreement with Univation Technologies (USA) to use the UNIPOL polyethylene production technology. INK is implementing a gas utilization project with Honeywell UOP, under which gas is separated into fractions for further monetization through the construction of a plant for the production of HDPE and LDL with a capacity of 650 thousand tons per year.
In addition, the PRODIGY and ACCLAIM technologies for the production of bimodal HDPE will be included in the IRP product line, which is the raw material for the further production of ISO-certified products, such as PE 80 and PE100 tubular polyethylene, as well as PE for high-strength bimodal films and containers produced by blow molding used in everyday life and industry.
LLC "Irkutsk Oil Company" unites companies engaged in geological study, exploration and production of hydrocarbons at 41 licensed areas in Eastern Siberia. INK's main mining asset is the Yarakta field in the Irkutsk region. The main owner of INK through INK-Capital JSC (INKK) is Nikolay Buinov. The European Bank for Reconstruction and Development owns 4.4% in the capital of INCC, Goldman Sachs - 3.75%.