Siberian Coal Energy Company (SUEK), one of the world's largest coal and energy companies, has signed an agreement with the Japan Bank for International Cooperation (JBIC) on receiving a credit line. The loan in the amount of up to $50 million has been financed by JBIC and commercial banks. Nippon Export and Investment Insurance (NEXI) has provided loan insurance covering the commercial banks’ part.
The funds will be used toward purchasing Japanese mining equipment. SUEK and NEXI signed a Memorandum of Understanding at the 23rd St. Petersburg International Economic Forum on 6 June 2019.
Nikolay Pilipenko, SUEK CFO, said, “We are pleased to continue and expand our cooperation with Japanese governmental agencies and financial institutions. SUEK has strong ties with Japan. We sell our products to Japanese customers. We buy Japanese industrial equipment and goods. We receive financing from Japanese banks. Signing this credit line deal is one more step towards exploring, creating and using opportunities for the mutual benefit of our countries as well as our organisations.”