MOSCOW: Russian firms Rosneft and Transneft will receive a $25 billion loan from China secured by oil supplies at interest rates of 5.0-5.5 per cent, a high-level Russian government source said on Wednesday.
"The rate is pegged to LIBOR and the interest rate will fluctuate between 5.0 and 5.5 per cent," the source said on condition of anonymity.
China agreed on Tuesday to lend the money in exchange for supplies of 15 million tonnes of Russian oil over 20 years.
The source said the two sides estimate the deal's value at $160 billion based on a long-term oil price forecast.
Rosneft, Russia's largest oil producer, will get $15 billion of the loan and oil pipeline monopoly Transneft $10 billion.
Soruce:http://timesofindia.indiatimes.com/World/China-lent-Russia-25bn-Source/articleshow/4148350.cms
"The rate is pegged to LIBOR and the interest rate will fluctuate between 5.0 and 5.5 per cent," the source said on condition of anonymity.
China agreed on Tuesday to lend the money in exchange for supplies of 15 million tonnes of Russian oil over 20 years.
The source said the two sides estimate the deal's value at $160 billion based on a long-term oil price forecast.
Rosneft, Russia's largest oil producer, will get $15 billion of the loan and oil pipeline monopoly Transneft $10 billion.
Soruce:http://timesofindia.indiatimes.com/World/China-lent-Russia-25bn-Source/articleshow/4148350.cms
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