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SberStrakhovanie, Ingosstrakh, and Rosgosstrakh Insured the Construction of Irkutsk Polymer Plant for 203.6 Billion Rubles

January 12, 2022

SberStrakhovanie, a subsidiary of Sber, together with Ingosstrakh and Rosgosstrakh have entered into an agreement to insure the construction of Irkutsk Polymer Plant.
СберСтрахование, Ингосстрах и Росгосстрах застраховали строительство Иркутского завода полимеров на 203,6 млрд рублей

The insurance contract insured a sum of more than 203.6 billion rubles was concluded for next six years and covers risks both during the construction, commissioning period, and during the warranty service of the commissioned facilities.

Mikhail Volkov, CEO of SberStrakhovanie:

“The development of domestic industry is critical to the country's sustainable economic development. Irkutsk Polymer Plant can not only set up production of polyethylene, but will also give thousands of jobs to the region. When implementing such large-scale projects, it is important to be sure that, in the event of an unforeseen situation, the risks will be mitigated. Partnership with the largest insurance market players allows us to combine our resources, expertise, and experience with construction and erection insurance, which warrants the best offer and quality of service for the client. We have already agreed on the possibility of expanding insurance coverage beyond the agreed amount by 10 %, and in the future, we plan to develop our partnership with OOO Irkutsk Oil Company further.”

Andrei Larkin, CEO of Ingosstrakh:

“Our company is glad to take part in insurance for one of the largest projects in the Russian chemical industry. Ingosstrakh has developed a solid level of expertise and experience in insuring large industrial facilities. Thanks to this, together with our partners we have developed an insurance program that includes a wide range of risks and provides reliable insurance protection.” 

Alexei Volodin, Member of the Board, Deputy General Director of Corporate Insurance, Rosgosstrakh:

“We understand the importance of this project not only for the economy of Irkutsk region, but also for the country as a whole. The construction of such facilities is usually very capital-intensive — it uses unique and technologically complex techniques, and takes a long time to implement the project itself. At the same time, any construction, regardless of scale, is accompanied by risks. An insured event at such a facility can not only increase the timing of its commissioning, but also significantly increase costs. Modern construction business is quite high-tech, so only insurers with relevant experience in this market and high financial stability should be allowed to participate in the insurance of complex projects.”

Irkutsk Oil Company is building a polymer plant in Ust-Kut as part of a gas chemical cluster that includes facilities for gas production, treatment, transportation, and processing. The production capacity is 650 thousand tons of commercial products per year. Toyo Engineering, a Japanese engineering company, is involved in the construction and is responsible for engineering, equipment and material supply. Gemont is the general contractor for the construction of the polyethylene and ethylene plants. Thanks to the launch of the facility, some 1,600 new jobs will be created in Ust-Kut district.

Irkutsk Oil Company invested over 85 Billion Rubles in Irkutsk Polymer Plant as of December 31, 2021 Debut Bonds of JSC INK-Capital are Enlisted in the Sustainable Development Sector of the Moscow Stock Exchange