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Monday, December 08, 2008

Rosneft lines up $716m loan

5 December 2008 - Upstream OnLine - Russia's top oil producer Rosneft has received a 20 billion rouble ($715.6 million) loan from Sberbank, the state-controlled bank's spokesperson Irina Kibina said today. Rosneft's chief financial officer Peter O'Brien told Reuters in an interview on Monday that the producer had lined up a $774 million loan from state lender VEB to refinance its foreign debt. He also said Rosneft might ask for more state loans from the $50 billion package the government has allocated to help companies repay foreign debts in the face of the global liquidity crisis.

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