Chornomornaftogaz to raise Hr 400 m loans

State JSC Chornomornaftogaz (Simferopol, Crimea) is intending to raise four credit lines of Hr 100 million each.

According to a posting on the Public Procurement portal, bids are accepted until November 1, 2012. The bids will be disclosed on the same date.

The company plans to raise loans for one year to replenish working capital and refinance creditor indebtedness.

As reported, Chornomornaftogaz will until October 22, 2012 accept proposals from banks to open a multi-currency credit facility with a limit of UAH 465 million.

At the end of August, Chornomornaftogaz raised a Hr 60 million credit line from Subsidiary Bank Sberbank of Russia and a UAH 100 million credit line from Ukreximbank.

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 in January-June 2012, according to international financial reporting standards, saw a net loss of Hr 530.322 million.