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LUKoil receives $2 bln from Citigroup to buy Nelson Resources


MOSCOW, October 13 (RIA Novosti) - Russian oil major LUKoil has obtained a $2 billion unsecured loan from Citigroup to buy Nelson Resources, a Toronto-listed firm with large hydrocarbon assets in Kazakhstan, a company news release said Thursday. The loan is to be repaid in six months at an interest rate of LIBOR+0.5%.

Russia's largest privately-owned oil producer reported September 30 that it had offered to pay cash for 100% of shares in Nelson Resources at a 15% discount of the firm's market value.

Nelson Resources Limited co-operates several projects to develop hydrocarbon deposits in western Kazakhstan, including Alibekmola, Kozhasai, Karakuduk, Severnye Buzachi, and Arman. Its proven and estimated oil reserves total 269.6 million barrels.

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