Russian fertiliser firm Acron has turned to VTB to arrange the financing of equipment imports for investment projects worth US$1bn.

VTB’s involvement is still being finalised, but Acron has announced that the funding will be used to expand and upgrade ammonia production facilities and to construct a phosphate mine at Oleniy Ruchey, north west Russia.

GTR can reveal that the process is still in the early negotiation stages, and might not be finalised until early 2012.

Furthermore, Acron and VTB are looking to tap the syndications market for the funding.

Acron would not disclose how much VTB is looking to lend, nor whether the deal has any export credit agency interest.