VTB Bank is acting as a passport bank and agent for a financing deal between state oil producer Rosneft and China Development Bank. The Chinese bank will provide a
The loan is secured by a crude supply contract between Rosneft and China National Petroleum Corporation (CNPC) signed in 2009.
The loan is to be drawn by the end of June 2013 and will mature in May 2029.
Rosneft is a leader in the Russian oil industry and one of the world’s top publicly traded oil and gas companies. The company is primarily engaged in exploration and production of oil and gas, production of petroleum products and petrochemicals, and the sale of products. Rosneft is on the Russian Government’s List of Strategic Enterprises and Organisations. The company’s major shareholder (69.50%) is Rosneftegaz, which is 100% owned by the state. Around 10% of Rosneft shares are in free float.