Sibneftegaz Attracts A Loan

The shareholders of Sibneftegaz have approved the attraction of loan facility to the value of up to 1.74 billion rubles from Itera at the Extraordinary Meeting held on February 15, 2006. The loan carries an annual interest rate of 5 percent, Itera press service informs.

The purpose of the loan is to pay interest and the part of the main loan facility provided by Sberbank of Russia.

Itera was established in 1992 and has been involved in marketing natural gas since 1994.

Itera is a private natural gas company in the CIS and the Baltic States that is experienced in exports of natural gas.

Itera is the major stockholder of Sibneftegaz with 66.25% equity stake.