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Trafigura received $7 billion Russian loan for Vostok Oil deal - Bloomberg News - Metro US

Trafigura received $7 billion Russian loan for Vostok Oil deal – Bloomberg News

FILE PHOTO: Trafigura logo is pictured in the company entrance in Geneva

(Reuters) – Global commodities trader Trafigura’s purchase of a 10% stake in Rosneft’s Vostok Oil project in the Arctic was funded by a $7 billion loan from a Russian bank, Bloomberg News reported on Tuesday, citing certain documents.

The Geneva-based trader bought a 10% stake in Vostok Oil through a unit last week.

According to the Bloomberg report https://www.bloomberg.com/news/articles/2021-01-05/trafigura-s-arctic-oil-bet-is-backed-by-7-billion-russian-loan?sref=WJKVI5nK, corporate filings in Singapore showed that the trading firm agreed to a 5.775 billion euro ($7 billion) loan facility with Credit Bank of Moscow PJSC on Dec. 23.

“The acquisition is majority financed by long-term debt financing provided to the entity,” Trafigura said in a statement last week without disclosing the value.

(Reporting by Rithika Krishna; Editing by Devika Syamnath)

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