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32

Gazprom Have No Money To Buy Sibneft

Russian gas giant Gazprom is talking to Western banks about raising a major syndicated loan

Russian gas giant Gazprom is talking to Western banks about raising a major syndicated loan to fund a takeover bid for oil firm Sibneft, sources familiar with the situation said on Tuesday, Cbonds.info reported.

Gazprom is looking to borrow up to $12 billion, a record for a Russian company, although it may not need all of the money.

"It is all being worked on, banks are putting together and doing a deal, but it is not finalised yet," one financial source told Reuters on condition of anonymity.

"A lot of banks are willing to support the company and that is what is being worked on."

Gazprom declined to comment.

The facility, which could be bigger than a $7 billion loan taken out by the state body which owns oil firm Rosneft, comes as the Kremlin seeks to build Gazprom into a national champion capable of projecting geopolitical power abroad.