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Enel, Eni Arctic Venture Gets $3.8 Billion Loan, Vedomosti Says

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Dec. 29 (Bloomberg) -- SeverEnergia, Enel SpA and Eni SpA’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.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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