You're reading: Chornomornaftogaz to borrow Hr 600 million

Ukrainian oil and gas producer Chornomornaftogaz (Simferopol) plans to raise a credit line of up to Hr 600 million to replenish working capital.

Chornomornaftogaz will accept loan proposals until Sept. 14, 2011, when it will open the bids.

The loan will be for one year from the date of signing the loan agreement.

Chornomornaftogaz is developing the Ukrainian shelves of the Black and Azov seas.

The company extracts hydrocarbons in Crimea, exploits the Hlibovske underground gas storage facility in the peninsula and operates its pipelines.

National joint-stock company Naftogaz Ukrainy controls a 100% stake in the company.

Chornomornaftogaz reduced natural gas production 9.8% to 1.051 bcm in 2010.

Crude oil production rose 4.8% to 8,700 tonnes and condensate production was up 4.4% to 70,600 tonnes.