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Oil Company "LUKOIL"

January 30, 1998

LUKOIL to get $1.5 bn long-term loan

JANUARY 30, 1998 - LUKOIL has appointed five leading world banks - ABN AMRO BANK, N.V., Citibank N.A., Credit Suisse First Boston, Deutsche Bank AG and Societe Generale to arrange and underwrite a $1.5 billion long-term loan. The financing will be secured by export receivables pledged to a master trust established by LUKOIL. The eight year loan will be repayable over six years following a grace period of principal of two years.

Thus LUKOIL has entered a deal on its first long-term bank loan which is unique in both scale and the advantage of borrowing terms. Besides, the financing and trust structure are offering financial flexibility for implementing the LUKOIL growth strategy.

LUKOIL plans to use the loan primarily on its projects in Russia, in particular in Timano-Pechora basin, the north of the Caspian Sea and in West Siberia.

"The project will play a key role in the development of long-term relationships with the energy finance community," LUKOIL President Vagit Alekperov said.

"The fact that in conditions of a global financial crisis we managed to attract impressive investments at extremely advantageous terms is an indication of the growing trust of the international financial community in our company," he added.

 

 


Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com

 

 

 

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