RusEnergy

27.10.2006 IntelliNews Today - Rosneft is holding talks with several banks to attract USD 24.5bn loan. The oil major needs the funds to acquire Yukos’ assets, which may be auctioned after the appraisal is completed in early 2007. Reportedly, Rosneft is negotiating with 7 foreign banks, including Citibank, ABN Amro and JP Morgan. Analysts expect that the oil company will also need to make an additional share flotation after its recent IPO. Some sources say that the loan negotiations are almost completed. According to the latest estimations, the value of Yukos’ key assets amounts to USD 22bn. It is possible that Rosneft wants to compete for all of the Yukos’ assets. Still, Gazprom is also considered to be a strong potential competitor. Reportedly, Deutsche Bank wants to buy out Yukos debt and the bank is most probably acting on behalf of Gazprom. If Rosneft attracts the loan, it will be the biggest loan attracted in Russia after the USD 13bn loan taken out by Gazprom for Sibneft acquisition.