Sibneft, Russia's number sixth largest oil producer, has agreed to borrow four hundred and fifty million dollars from a group of banks to finance expansion of production capacity and other investments.
Citigroup, the world's largest financial services company, BNP Paribas, France's biggest lender, and Westdeutsche Landesbank Girozentrale, Germany's largest state controlled bank, are arranging the loan, Sibneft said in a statement.
The “loan has the longest term of any export finance facility received by a Russian oil company since the country's financial crisis in 1998,” Sibneft said in the statement.
Sibneft plans to increase investment by a third to $686 million this year, and is increasing production more than most other Russian oil companies. Russia is the world's second largest oil exporting country.