SeverEnergia, Enel SpA (ENEL) and Eni SpA (ENI)’s gas venture with OAO Gazprom Neft and OAO Novatek, will borrow about 120 billion rubles ($3.8 billion) from banks to create one of Russia’s biggest producers of the fuel, Vedomosti reported.
State-run OAO Sberbank and VTB Group agreed to provide 50 and 30 percent of the loan for the Arctic project, respectively, and Gazprombank the rest, the Moscow-based newspaper said today, citing unidentified bankers familiar with the matter.
Gazprom Neft expects SeverEnergia to start production in the Yamal region of the Arctic next year.
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