Moscow, 8 January 2002; Sibneft has received a $175 million loan which was arranged jointly by ING Bank and Societe Generale. The loan has a term of three and a half years, the longest term ever secured by Sibneft. The facility entered syndication at the beginning of the year.
The agreement ties in with the company's strategy of replacing short-term facilities with longer-term financing at a lower cost, in support of longer-term investment projects.
Sibneft has consistently led the way among Russian companies in lowering borrowing costs, extending maturities and introducing innovative structures.
The company in October received the final tranche of a three-year $300 million loan arranged by Dutch bank ABN Amro, the largest medium-term syndicated facility secured by a Russian company since the country's financial crisis in 1998. This transaction followed a two-year $175 million syndicated loan agreement signed in March.