MOSCOW, August 30 (RIA Novosti) - Russia's Economic Development and Trade Ministry submitted to the government a draft directive to the Rosneftegaz board of directors on attracting a $7.5 billion syndicated loan to pay for the 10.7% of Gazprom shares, the ministry said Tuesday.
Previously Economic Development and Trade Minister German Gref said Rosneftegaz could attract a $7.5 billion loan from a consortium of Western banks for a year using a non-controlling stake in Rosneft.
According to the minister, this loan would be repaid with funds from the sale of another non-controlling stake of Rosneft. "This will be a stock sale, not a placement," Gref said.
"IPO gives money to Rosneft, and we need money for Rosneftegaz to settle up with the creditors," the minister said.
He said a smaller package of Rosneft shares than the one formalized on the security could be sold. "All will depend on the company (Rosneft) status. An assessment will be made," Gref said.
Earlier it was reported that Rosneftegaz was holding talks about the loan with Morgan Stanley, ABN Amro, JPMorgan Chase & Co, Dresdner Kleinwort Wasserstein.
Rosneftegaz purchased 10.74% of the stock of Russia's gas concern on the balance of its affiliates - Gazprombank, Gazprominvestholding, Gazfond and Gazprom Finance B.V. Overall, 203.5 billion rubles ($7.16 billion) should be paid for the Gazprom package.
The transaction will be made in three tranches. The first tranche worth 16.235 billion rubles ($571.05 million) has been made. The second tranche is to be made by October 25, the third one, by December 25, 2005.
