Sibneft has signed an agreement with Shell, BP and TotalFinaElf on oil supplies to Germany. The Russian oil company is to export 100,000 tons of oil per month. The contract was made within the framework of a $450m credit, about which the company announced last Friday.
As it was earlier reported, Citibank/Schroder Salomon Smith Barney, BNP Paribas and Westdeutsche Landesbank are organizers of the credit. Raiffeisen Zentralbank and Natexis Banques Populaires also take part in the organization of the credit. It consists of two parts: the first one is a 3.5-year credit totaling $300m (LIBOR + 3.5 percent) and the second part is a five-year credit totaling $150m (LIBOR + 4.1 percent).
The received funds will be directed to capital investments of Sibneft. Their volume will advance from $492m to $686m in 2002.