RussNeft to pledge to Sberbank the shares of its 9 subsidiaries
RussNeft is going to pledge to Sberbank the shares of its 9 subsidiaries including 48.3% in Varyeganneft JSC, 1.9% in Archneftegeologiya JSC, 11% in Sobolinoye CJSC, 18.79% in Uralskaya Neft JSC, 51% in Nyagan Oil CJSC, 51% in Stolbovoye JSC, 50% in ZMB Ltd, 51% in Belye Nochi Ltd and 51% in Chernogorskoye Ltd. In January 2011 RussNeft already pledged to Sberbank its 96% in Saratovneftegaz JSC. Earlier RussNeft reported that its total debt to the majority creditors Sberbank JSC and Glencore International AG payment to which is restructured was $5.97 billion by April 26th 2011.
In December 2010 RussNeft signed with Sberbank JSC and Glencore International AG the agreements for the modification of the clauses for the credit agreements. They presuppose both the prolongation of the periods for the payments of the oil company till 2020 and setting of the lowered interest rate by both creditors. In January they reported that the total debt restructured under the document was $6.2 billion.
Translated by Nadezhda Poltoratskaya
