AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
A press release of Russian Agency for Export Credit and Investment Insurance (EXIAR) dated 4 December 2014 reports that it insured exports of products manufactured by Magnezit Group, ENERGOPROM Novocherkassk Electrode Plant, and other suppliers to the Republic of Belarus.
The export financing deal is performed by means of a buyer credit insurance contract signed between EXIAR and Promsvyazbank. On its turn, Promsvyazbank authorised the allocation of a financing limit of USD 18.9 million to Belarusian Steelworks, the management arm of the Belarusian Metallurgical Holding Company, in order the Russian shipments to be paid. EXIAR covers the risk of default under this deal.
Among the products that ENERGOPROM Group manufactures are: graphite electrodes, flamed anodes, electrode and anode mass, molded graphite products, carbon graphite structural materials, consumer goods; among those of Magnezit Group's --- refractory materials, innovative engineering solutions, and concerning comprehensive servicing of thermal generating units.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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