ST. PETERSBURG, June 13 (RIA Novosti) - Gazpromneft, formerly known as Sibneft (RTS: SIBN), said Tuesday it had obtained a $630 million loan to finance its debts.
Alexander Ryazanov, the oil company's head and also a deputy board chairman at its parent, energy giant Gazprom (RTS: GAZP), said the loan was secured with international bank ABN Amro and U.S.-based City Group at LIBOR+0.75%.
Earlier, Gazprom said it approved a strategy in late May for annual oil production to reach 80 million tons (588 million bbl) by 2020. In 2005, Gazprom produced 13 million tons (95.55 million bbl) of oil and gas condensate.
Gazprom bought more than 75% in oil major Sibneft, which was renamed Gazpromneft in May 2006.
