State JSC Chornomornaftogaz (Simferopol, Crimea) has selected Subsidiary Bank Sberbank of Russia the winner in a tender to open a multi-currency credit loan with a limit of Hr 465 million.
According to a posting on the Public Procurement portal, the proposal was accepted on October 22, 2012. The deadline for signing a contract between the parties is November 21.
The funds are to be attracted for one year to replenish working capital and refinance the company’s creditor indebtedness.
The cost of using credit funds in hryvnias will be Hr 189.746 million (excluding VAT), or 40% per annum, and in U.S. dollars – $ 6.929 million (excluding VAT), or 11.5% per annum.
The Black Sea Bank for Reconstruction and Development (Simferopol) also participated in the tender. It was ready to open a credit line in the national currency at 42% per annum and in U.S. dollars at 12% per annum.
As reported, in late August Chornomornaftogaz raised a Hr 60 million credit line from Subsidiary Bank Sberbank of Russia.
With funds from interest-free loans taken from Naftogaz Ukrainy in 2011-2012 worth over Hr 5 billion, Chornomornaftogaz bought two modern self-elevating floating drilling rigs and several vessels.
Chornomornaftogaz carries out offshore development in the Ukrainian sections of the Black and Azov Seas. The company also produces hydrocarbons at fields in Crimea, and operates the Hlibovske underground gas storage facility and trunk pipelines on the peninsula. It is wholly owned by Naftogaz Ukrainy.
