Mongolia asks VTB for $200-mln credit for purchases of Russian oil products
MOSCOW. Dec 27 (Interfax) - Mongolia will ask VTB for a credit for $200 million for long-term procurements of Russian petroleum products, a meeting protocol of the Russian-Mongolian intergovernmental commission for trade, economic and scientific cooperation said.
"The parties happily noted the provision in 2016 of an export credit by VTB to the Mongolian development bank, the use of which allowed for guaranteeing supplies of Russian petroleum products to Mongolia. Mongolia contacted VTB with a request to consider the possibility of long-term financing in the amount of $200 million and the improvement of terms for interest rates when providing the credit," the document said.
The main supplier of petroleum products to Mongolia is Rosneft , which created a special subsidiary, LLC Rosneft-Mongolia. Its share on Mongolia's fuel market is 80%. In May of this year, the board of directors of Rosneft approved the sale of this subsidiary of up to 949,400 tonnes of petroleum products. The cost of the supplied petroleum products was $746.6 million.