Glencore Said to Raise $7.5 Billion Oil Financing With Vitol

Glencore International Plc and Vitol SA, the two biggest oil traders, raised $7.5 billion in loans to fund a $10 billion crude-purchase deal with OAO Rosneft, according to three people with knowledge of the deal.

The five-year debt will be marketed to a wider group of lenders next week and may be increased to $10 billion, said the people, who asked not to be identified because the matter is private. Specially-created companies will raise the loan, which will be backed by a portion of future oil production of Moscow-based Rosneft, the people said.