Gazpromneft agrees with Sberbank on loan for 35 billion rubles

The Gazpromneft’s Board of Directors has approved attraction of three non-revolving credit lines from Sberbank with the total limit of 35 billion rubles, the company reports. Two lines are for 12.5 billion rubles each and one – for 10 billion rubles. The loan term is from September 3rd, 2014 to September 2nd, 2019. The funds will be used to finance general corporate purposes, the provision of loans to subsidiaries and affiliated companies and payment of customs duties. Previously, the company has agreed with the Russia Agricultural Bank on a five-year loan to the amount of 30 billion rubles.

In September, Gazpromneft, as well as other Russian oil and gas companies, was included in the sanctions lists of the United States and the EU. The sanctions limited their opportunities on the market of long-term lending. At the end of the first six months of 2014, the net debt of Gazpromneft was 216.6 billion rubles, and ratio to EBITDA – 0.64.