| 2006-08-23 |
Îïóáëèêîâàíî: RBC |
Sberbank has opened a credit line for Sibneftegaz with credit ceiling of 8.9 billion rubles for a 7-year term. The news was told RBK by Sergei Vorobyov, ITERA Oil and Gas Company Management Board Deputy Chairman, Sibneftegaz Board of Directors Chairman. According to him, the borrowed funds will be withdrawn by tranches to suit the company’s requirements.
The attracted funds are expected to be used for Sibneftegaz current debt restructuring and further development of Beregovoye field.
Mr. S. Vorobyov stated that financing was necessary to expedite bringing the field to the design capacity following connection of the field to the main pipeline system.
ITERA has been reported to be acting as a guarantor with regard to the loan agreement. Sberbank will receive 51% of the ordinary (voting) shares of Sibneftegaz as a performance security under the loan agreement. The total liability ceiling of the guarantor to Sberbank for Sibneftegaz performance under the loan agreement shall not exceed 9.2 billion rubles.
The parties have agreed that as at the date of contract Sibneftegaz ordinary shares were pledged at $346.078 (9,242.013 rubles) for one share. The collateral value established as at the date of loan agreement signing was $105,900,000 (2,828,059,500 rubles).
S. Vorobyov has stressed that the deal with Sberbank does not at all run counter to the agreement made with Gazprom and Gazprombank regarding the sale of 51% of Sibneftegaz stock, as it concerns debt restructuring and field development only. According to him, Gazprombank had been informed about all operations with Sibneftegaz shares. He also noted that Sberbank was actively financing and crediting the company, being the main bank Sibneftegaz cooperated with over the last three years. He expressed hope that Sberbank will continue to be the main bank of Sibneftegaz for the nearest seven years.
Sibneftegaz is a subsidiary of ITERA Oil and Gas Company. On June 29 it became public knowledge that Gazprombank had signed an agreement with ITERA for the purchase of 51% of Sibneftegaz stock. The deal is currently being finalized and is expected to be closed in August this year.
Sibneftegaz holds a license to develop Beregovoye field (Yamal-Nenets Autonomous district) boasting the reserves of 324.2 billion cubic meters of gas (a third of ITERA’s gas reserves), 1 million tons of gas condensate and 9 million tons of oil. The field was put on production in May 2003. The target annual production rate of Beregovoye field is in the region of 12 bcm of gas.
Top of page
