Russia's Sberbank to sign $1bn deal with Belarus potash producer

PanARMENIAN.Net - Sberbank, Russia's largest lender, will sign a $1 billion credit refinance agreement on Tuesday, Sept 25, with Belarusian potash producer Belaruskali, the bank's President German Gref said, according to RIA Novosti.

"We are discussing the question of refinancing our credit with Belaruskali, and hope to sign a protocol after lunch with the Belarusian Prime Minister," Gref said after a meeting with Belarusian President Alexander Lukashenko.

Belaruskali management had previously declared its intention to sign a refinancing agreement by September 20.

The main part of the loan, $800 million, will be used to refinance the firm's long-term hard-currency debts.

Sberbank is also studying the possibiity of investing in development of potash reserves in Belarus, Gref said.

"We are looking at the possibility of investing in development of potash reserves," Gref said. "We are actively studying a business plan at present," he added.