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No plans to refinance Belaruskali’s $1bn loan

August 08, 2013 | Belta

Belarus is not planning to refinance a $1 billion loan issued by Russia to Belaruskali in 2012, Deputy Finance Minister Maksim Yermolovich told media, BelTA learned.

“We will honor our obligations to the creditor, no doubt. The issue of refinancing the loan is not on the table,” he said. He reported that the first payment on the loan of about $100 million will be made in September.

At the end of October 2012 Sberbank refinanced the loan to OAO Belaruskali concluding the credit agreement on a $1 billion loan to the company under the Belarusian government guarantees for a period of 3 years. In December 2011 OAO Belaruskali received a $1 billion syndicated loan from Sberbank of Russia and the Eurasian Development Bank for one year. Sberbank’s share was $900 million, with the rest covered by the Eurasian Development Bank. The loan was transferred to Belarus’ gold and foreign exchange reserves by Belaruskali buying $800 million worth of long-term government bonds. Following an initiative of the National Bank of the Republic of Belarus the company sold the rest of the loan via the currency exchange.

The Soligorsk-based company OAO Belaruskali is one of the world’s top manufacturers of potash fertilizers. The company was incorporated as a joint-stock company in 2012. Belaruskali accounts for about 15% of the global output of potash fertilizers and over 16% of the global export of potassium.

Company: Belaruskali

Full company nameBelaruskali
Country of riskBelarus
IndustryChemical and petrochemical industry

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