OREANDA-NEWS. January 17, 2011. NK “RussNeft” has signed changes of terms of loan agreements with key creditors of the holding JSC  “Sberbank” and Glencore International AG.

New arrangements provide for interest rate reduction by both creditors and the extension of payout period of oil company’s financial obligations. The total amount of debt, payment of which has been restructured according to the signed document, amounts to more than 6.2 billion dollars. The term of full repayment period has been extended till 2020. The rate is on parity basis for both creditors and has been reduced to 9% per annum.

The signed loan agreement strengthens the financial position of JSC  NK “RussNeft”, optimizes the load on the current financial flows and provides a solid basis for realization of a long-term development strategy of the holding, approved by the Board of Directors of the company. Lowering of interest bearing will allow JSC  NK “RussNeft” to invest the released capital in amount of USD 200 mln. per year in ongoing and new investment projects that will eventually bring oil production rate of the holding up to 18 mln. tons. The main accents in the development strategy are hydrocarbon production growth, geological prospecting, gas projects development.