AFK Sistema PAO logo

SSAA - AFK Sistema PAO News Story

$5.34 0.0  0.0%

Last Trade - 08/09/20

Market Cap £2.06bn
Enterprise Value £9.00bn
Revenue £6.08bn
Position in Universe 266th / 1806

INTERVIEW-Russia's VTB CEO says ready to provide loan to CEFC for Rosneft stake

Mon 22nd January, 2018 7:50am
By Katya Golubkova and Dmitry Antonov 
    MOSCOW, Jan 22 (Reuters) - VTB  VTBR.MM , Russia's No.2 
bank, is ready to provide a loan to China's CEFC so it can buy a 
stake in Rosneft  ROSN.MM , the country's top oil producer, VTB 
Chief Executive Andrey Kostin told Reuters in an interview. 
    "We are ready to provide a loan, all the documents have been 
signed and decisions were made. Therefore, there are no issues 
from our side," Kostin said. He declined to comment on why the 
deal was not yet closed.  
    CEFC plans to buy a 14.16 percent stake in Rosneft from a 
consortium of Glencore  GLEN.L  and the Qatar Investment 
Authority, strengthening energy ties between Moscow and Beijing. 
VTB was ready to provide a 5 billion euro loan under the deal.*:nL8N1MZ62Z  
    VTB was also ready to provide a loan to Sistema  AFKS.MM  to 
help it settle a legal battle between Rosneft and Sistema over 
mid-sized oil producer Bashneft.  
    Rosneft bought Bashneft from Sistema, and later alleged 
Sistema had mismanaged the asset. Sistema denies the 
allegations. The two sides agreed an out of course settlement 
last month. 
    Kostin said that VTB has a lending limit of 58 billion 
roubles on the Sistema group of companies, with almost all funds 
having been already provided. The bank was ready to issue 
another loan to help settle the legal claim.  
    "We almost reached agreement on the terms of the lending, 
but at the last minute the client refused and said that the 
conditions of the amicable settlement allowed them to do without 
our loan," Kostin said. 
    Sistema is raising a total of 80 billion roubles from 
Sberbank  SBER.MM  and the Russian Direct Investment Fund, 
secured against a number of Sistema's assets, to settle the 
Rosneft claim.*:nL8N1OM3ZF  
 (Reporting by Katya Golubkova and Dmitry Antonov; Editing by 
Christian Lowe) 
 ((; +7 495 775 1242;)) 
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.