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PhosAgro secures loan to fund ammonia project in Russia

1:03 AM MST | January 16, 2014 | Natasha Alperowicz

PhosAgro (Moscow) announced today that its subsidiary PhosAgro Cherepovets has signed a $440.6-million loan agreement with Japanese banks to fund construction of a previously announced ammonia plant at Cherepovets. The loan from the Japan Bank for International Cooperation (JBIC) and a group of banks consisting of Bank of Tokyo-Mitsubishi (BTMU), Citibank Japan and Mizuho Bank, is backed by a guarantee from Nippon Export and Investment Insurance.    JBIC will provide $264.4 million with a tenure of 13 years, while BTMU, Citibank Japan and Mizuho Bank...

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