02 March 2011
The Russian game changer
No one will deny that Gazprom Neft’s $1.5 billion pre-export financing is a controversial deal. Nonetheless any list which claims to represent the most memorable deals of 2010 would be obliged to include this jumbo, five-year, structured loan facility which repriced the entire market for Russian corporates and tested lenders appetites for Russian risk. Gazprom Neft is Gazprom’s oil subsidiary and Russia’s fifth-largest oil and gas company in terms of oil production, and third largest in terms of refining volumes. Gazprom Neft’s proven reserves exceed seven billion barrels of oil equivalent, making it one of the world’s top 20 oil companies. The loan involved a security package consisting of a mix of annual offtake contracts and long-term back-up offtake contracts, providing operational flexibility for the company...
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The changing shape of global trade - April 2012
