Sibur-Russian Tyres Opens Credit Line

Sibur-Russian Tyres Company, the leading manufacturer of truck and agricultural tyres in Russia, has obtained a credit line worth $300 million from Evrofinance Mosnarbank. The loan’s fixed interest rate is 8.5 per cent per annum.

The credit line was opened to cover seasonal payment delays from winter tyre customers, according to the company’s new communications manager Natalia Vasutina. The loan will be drawn up by 1 December 2006. One of Sibur-Russian Tyres subsidiaries has been used as credit security.

Vadim Yakovlev, chief financial officer of Sibur-Russian Tyres Company, commented: “Enough low interest rate confirms financial institutions confidence in our Company activities.”