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39

Sberbank Gives Loan to Rosneft and Gazprom

Russian biggest savings bank, Sberbank loaned funds to the biggest oil company in Russia Rosneft in November. Russian gas monopoly Gazprom will raise Sberbank loan in the near time

Russia’s Sberbank loaned 20 billion rubles to Rosneft in the second half of November, Irina Kibina, the director of PR department at Sberbank, told Interfax.

In another effort, Sberbank will open a three-year loan line for the country’s gas monopoly Gazprom; the amount of facility will reach 17 billion rubles. Sberbank’s Supervisory Board has passed the respective decision already, a source with the latter told PRIME-TASS.

Kommersant erports that the period of use is limited to 30 days, and the money is granted at MOSPRIME + 4 percent set for the whole period of crediting that equals the time of the credit use. The rate is set on the day when the parties confirm that they have agreed on essential credit terms; it is paid on expiration of each loan.

The loan is granted with no security whatsoever.

Author: Ksenia Kochneva