December 21, 2017 / 9:01 AM / in 6 months

CORRECTED-Russia's Metafraks raises financing from Gazprombank for 950 mln euro project

YEKATERINBURG, Russia, Dec 21 (Reuters) - Russian chemical company Metafraks is raising financing from Russia’s third-largest lender Gazprombank for a project worth 950 million euros ($1.1 billion), two sources close to the deal told Reuters.

Metafraks, a major methanol producer, has previously said that it is searching for financing for its new ammonia production plant to be built by 2021.

Metafraks, also spelled Metafrax, declined to comment on the deal or disclose the name of the lender, but confirmed that a credit agreement was to be signed on Thursday. Gazprombank also declined to comment. ($1 = 0.8420 euros) (Reporting by Natalia Shurmina and Tatiana Voronova; writing by Polina Ivanova and Polina Devitt; editing by Maria Kiselyova)

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