The European Bank for Reconstruction and Development (EBRD) will provide a long-term loan of up to $81 million to Kryvyi Rih Industrial Gas LLC, a Joint Venture with majority ownership by Air Products & Chemicals Inc,. a company registered in the United States, and ArcelorMittal.
The decision was made by the EBRD board on Wednesday, EBRD Senior External Relations Advisor Anton Usov has told Interfax-Ukraine.
According to a posting on the bank’s website, subject to the finalization of commercial agreements, the company will design, construct and operate an on-site air separation unit to be located in Kryvy Rih. The project will employ modern, state-of-the-art technology to safely and reliably produce industrial gases, for ArcelorMittal Kryvyi Rih steel works (Dnipropetrovsk region) and other customers in Ukraine and beyond.
The Project is expected to result in CO2 emission savings in excess of 60,000 tonnes per annum through energy efficiency gains of the steel works.
The total cost of the project is over $100 million.
