OSTCHEM Holding attracted a €31 million credit guarantee issued by the German government to expand facilities at Crimea Titan (Summary)

Commerzbank AG (Germany) has granted €31 million to Crimea Titan (Armiansk, Crimea), Ukraine's largest producer of titanium dioxide. Credit will be used for construction of a new plant producing sulfuric acid on Crimea Titan with the capacity of 600,000 tons annually. The price of the project is €55 million. This credit will finance €31 million while OSTCHEM will invest other €24 million.

Credit has been granted for eleven years. Interest rate is EURIBOR + 0.75%. The credit was attracted on security of Germany government. Thus, the loan does not require collateral security. When granting credit, the government of Germany took into account successful experience of OSTCHEM Holding on the markets of Germany and Ukraine.