Rosneft Wins Financing for Buyout of BP's TNK Stake
On Monday, Russian oil giant Rosneft announced that it has signed two loan agreements with a consortium of international banks, securing a combined $16.8 billion to be used in funding its purchase of BP's (NYS: BP) 50% stake in Russian oil company TNK-BP.
The banks involved in making the loans included Bank of America Merrill Lynch (NYS: BAC) , Barclays Bank (NYS: BCS) , BNP Paribas, BTMU, Citibank (NYS: C) , Credit Agricole, ING Bank (NYS: ING) , Intesa Sanpaolo Banking Group, J.P. Morgan (NYS: JPM) , Mizuho Corporate Bank, Natixis, Nordea Bank, SMBC, Societe Generale, and Unicredit Bank.
In related news, Rosneft also announced Monday that it has negotiated "heads of terms" that are expected to lead to long-term crude oil supply contracts with Glencore International plc and Vitol, two of the world's leading oil trading companies. Rosneft plans to sign contracts agreeing to supply these companies with some 67 million tons of crude oil over a five-year period beginning in 2013.
The article Rosneft Wins Financing for Buyout of BP's TNK Stake originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Bank of America, Citigroup, and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.