LUKoil Gets Loans Valued at $800Million
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Friday, 05 December 2008 |
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LUKoil, the countrys largest nonstate oil company, secured two loans
worth almost $800 million. The company raised 400 million euros ($508
million) to help pay for a stake in a refining venture with Italys ERG
and $280 million to fund investments in refining and marketing, it said
in a statement.
ABN Amro Holding, Barclays Capital and ING Group are involved in both loans. Bank of Tokyo-Mitsubishi, BNP Paribas, Citigroup, Dresdner Kleinwort Group and WestLB are also behind the dollar credit. The announcements come a day after savings bank Caja Madrid said LUKoil requested financing to buy a stake in Spanish oil producer Repsol. LUKoil declined to comment on reports of a deal.
Sacyr Vallehermoso and Criteria Caixacorp, which are in talks to sell holdings in Repsol, may lower the size of the stakes they are offering, El Pais reported. Sacyr, which owns 20 percent of the oil company, may not sell all its holdings, while Criteria, which owns about 9 percent, may keep more than the 6 percent that it had intended to sell, the newspaper said, citing unidentified people involved in the talks.
PetrolWorld 031208
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