Gazprom Neft obtains EUR 258 million loan to modernize NIS' refinery

(Pancevo Oil Refinery)

Russia's Gazprom Neft said in a release that it had reached an agreement with international banks to grant a EUR 258 million loan for the procurement of equipment and services required to modernize an oil refinery of the Petroleum Industry of Serbia (NIS).

According to the release on the company's website www.gazprom-neft.com, it is a consortium loan with the repayment period of 10 years.

The main creditor and leader of the consortium of banks is HSBC Bank, and the group of creditors also includes Ceska Sporitelna and Komercni Bank. A guarantee for the loan is provided by the Czech Insurance and Export Guarantee Corporation, reads the release.

The arrangement now needs to be confirmed by Gazprom Neft's Board of Executives.