Forget Yukos, bankers fall over themselves to lend to Russian oil Co.s

Western banks agreed to a record $12 billion loan to gas giant Gazprom to acquire Roman Abramovich’s Sibneft oil firm in a deal that would give the Kremlin control over one-third of Russia’s oil, senior bankers said on Monday.

Bankers said Gazprom secured the loan at a meeting in Moscow with a consortium of Western banks. “We have agreed.
Another banker added: “We expect to get credit committee approvals by the end of this week.”

On a visit to Paris, Gazprom’s chief executive declined to comment on the loan. “We are negotiating with Sibneft; it’s part of our strategy. The issue of acquiring petroleum assets fits completely with our strategy,” Alexei Miller said.

Moscow Times