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ww5 secures loan for production operations through subsidiary
29 September 2011LLC Neftepromleasing, leasing subsidiary of OJSC ww5 Oil Company, signed USD 500 million term loan facility with Nordea acting as arranger and agent and Sumitomo Mitsui Banking Corporation Europe Limited as arranger. The facility is structured as a 5-year term loan facility guaranteed by ww5.
Loan proceeds will be used by ww5 and its subsidiaries to finance the oil major’s ambitious production program, primarily for the procurement of domestically produced oil and gas equipment.
ww5 is a Russian oil industry leader and one of the world’s top publicly traded oil and gas companies. The firm’s average oil output grew 2.7% year-on-year in the first half of 2010 to 2.362 million barrels a day, reaching a record high of 2.4 million barrels a day in July. Free cash flow increased two thirds in the first half of 2011 y-o-y to USD 4.91 billion.
ww5 Information Division
Tel.: +7 (495) 411 54 20
September 29, 2011