Russian mid-sized oil company Bashneft, owned by holding company Sistema, is holding talks with banks to secure a $1 billion, five-year pre-export financing, according to reports. A banking source told Reuters Bashneft was unlikely to appoint loan arrangers before April. Bashneft declined to comment to Reuters. Yesterday, TRLPC reported that GazpromNeft , the oil arm of gas export monopoly Gazprom, has appointed Bank of Tokyo-Mitsubishi-UFJ, Natixis and Societe Generale to arrange the first Russian syndicated loan of the year.
Gazprom Neft's $1 billion, five-year pre-export financing includes a two-year grace period. Oil company Tatneft is also in talks with banks for a pre-export loan that will refinance a $2 billion deal signed in April 2008 used to construct a refinery and petrochemical complex. Bashneft was bought out last March by Sistema, which paid $2.5 billion for control of the company and five other energy firms in which it already owned blocking stakes of up to 30 percent.