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23

Transneft Borrows $8mln to Pay a Pipeline

Russia's oil pipeline monopoly Transneft plans to borrow $8 billion

Russia's oil pipeline monopoly Transneft plans to borrow $8 billion by the end of 2008, Interfax said Tuesday, citing an unidentified banker.

Transneft, which last week placed its first international bond, needs to raise the cash to pay for an $11 billion pipeline from Siberia to the Pacific Ocean, the agency said. Transneft will take $3 billion from its own cash flow and raise an additional $3 billion in loans and $5 billion in eurobonds, Interfax cited the banker as saying.