Gazprom Neft and VEB (Vnesheconombank) concluded an agreement on extension of the credit facility with the limit of $750 million.

JSC Gazprom Neft and the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) concluded an agreement on extension of the credit facility with the drawdown limit of $750 million on 15 December.

The Agreement was concluded in the framework of the Federal Law of 13.10.2008 No. 173-FZ “On Provisional Measures of Support for the Financial System of the Russian Federation” and of the Procedure of implementation by the state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” of the measures provided by articles 1 and 2 of the Federal Law “On Provisional Measures of Support for the Financial System of the Russian Federation”.

The provision of the funds is executed in five tranches of $150 million each. The first tranche was provided on 15 December, 2008.

The extension of the credit facility is aimed at partial refinancing of the payments designated for principal redemption on the syndicated loan for the sum not exceeding $2.2 billion, which was extended to JSC Gazprom Neft by the syndicate of foreign banks.