Belarus, which is planning to privatize the country's largest potash-maker Belaruskali, is trying to revise the terms of a $2 billion loan from Russia's top lender Sberbank and Deutsche Bank, offering Belaruskali's export contracts as collateral and not the company's stock, Belarus Prime Minister Mikhail Myasnikovich said on Monday.

"We are now working. We are working on changing the terms, including the right for early redemption. This loan can be provided under export contracts," Myasnikovich told reporters.

Sberbank insisted the loan should be secured by Belaruskali's shares, he said.

Russian media has said tycoon Suleiman Kerimov, who controls Russia's top potash miner Uralkali, had met with Belarusian President Alexander Lukashenko and agreed terms for buying 50 percent plus one share in Belaruskali for $15 billion.

For Kerimov, the success of the deal could mean the creation of the world's largest potash maker. But Lukashenko, whose country is in the midst of a financial turmoil, denied he had any talks with Kerimov and valued the firm at $30 billion.

In mid-August, Belaruskali CEO Valery Kiriyenko said the firm had rejected a loan from Sberbank and Deutsche Bank on terms offered by the Russian side with 35 percent of the company as collateral.



RIA Novosti