IFC Loan Agreement
Petrotel-LUKOIL receives $82 million loan from IFC
Petrotel-LUKOIL S.A., LUKOIL Group’s refinery in Romania, signed an agreement with the International Finance Corporation according to which the latter will provide a $82 million loan package to refinance the Company’s own funds used for the refinery upgrade in 2003-2004.
OAO LUKOIL provides the corporate guarantee for the loan.
The financing includes $35 million with 7-year repayment period for IFC’s account and $47 million with 5-year repayment period in syndications by commercial banks and underwritten by ING Bank.