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Sberbank of Russia opens Hr 465 million credit line to Chornomornaftogaz

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Nov. 21, 2011, 4:06 p.m. | Business — by Interfax-Ukraine

Subsidiary Bank Sberbank of Russia (Kyiv) has opened a renewable credit line of Hr 465 million to PJSC Chornomornaftogaz (Simferopol, Crimea).

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Subsidiary Bank Sberbank of Russia (Kyiv) has opened a renewable credit line of Hr 465 million to PJSC Chornomornaftogaz (Simferopol, Crimea), according to a posting on the Web site of the Economic Development and Trade Ministry. The parties signed a relevant agreement on Nov. 11, 2011.

The cost of servicing the credit line opened for one year is Hr 73.935 million (excluding VAT), the interest rate is set at 15.65% per annum.

The cost of servicing the credit line in U.S. dollars is $5.249 million, the interest rate is 8.75% per annum.

The purpose of the multi-currency credit line is to replenish working capital and refinance loan debts.

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.
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