Bashneft has attracted $500 mln as advance payment by the oil supply agreement

​Bashneft has completed the deal on the attraction of funds in the form of advance payment by the long-term agreement for oil and oil products supply for $500 mln.

The funds were issued by Societe Generale  and Rosbank, Vitol S. A. with the participation of the leading Chinese bank Bank of China and ICBC. The deal was approved by the Board of Bashneft. The financing is attracted for 5 years and provided Bashneft and Vitol S.A. with a long-term contract for the supply of oil and oil products.

Bashneft plans to use the entire amount for the general corporate purposes. Financial and commercial conditions of this deal meet the company’s strategy, plans on financing attraction for the execution of investment program-2016 and take into account the risks connected with the existing and forecast high volatility in the oil and financial markets, Vice-President for economy and finance, chief financial director of Bashneft, A. Lisovenko, said.

This advance payment became the first deal of Bashneft on the attraction of finance from the Chinese credit organizations.