The Russian Agency for Export Credit and Investment Insurance (EXIAR) and BIAXPLEN, SIBUR's subsidiary, have entered into a comprehensive export credit insurance agreement. This is SIBUR's the first experience in insuring foreign receivables. The document was signed by Petr Fradkov, EXIAR's CEO, and Anton Matvienko, BIAXPLEN's CEO.
Under the agreement, the EXIAR shall provide insurance of biaxially-oriented polypropylene (BOPP) film supplies for around RUB 2.2bn against the risk of default of European petrochemical buyers. The insurance coverage is valid for one year. Comprehensive export credit insurance is intended to protect Russian companies against the risk of default of foreign buyers due to commercial or political reasons. The insurance covers supplies of goods under a deferred payment scheme.