Project financing commission rejects 13.4 bln ruble loan to Gazprom Neft for Omsk refinery
MOSCOW. April 30 (Interfax) - The inter-ministerial commission on project financing did not approve a loan to Gazprom Neft to improve efficiency at Omsk Oil Refinery, the Economic Development Ministry said in materials.
The project is estimated to cost 18.7 billion rubles. VTB was prepared to provide a 10-year loan of 13.4 billion rubles (80% of the project cost, the maximum lending level under project financing).
The project planned to receive 3.35 billion rubles in state guarantees.
The commission found that the project's financial model would enable it to raise financing from the market.
It was reported earlier that Gazprom Neft CEO Alexander Dyukov sent Deputy Prime Minister Arkady Dvorkovich a letter asking the government to provide financial support for eight investment projects totaling 198.5 billion rubles, including modernization of the Omsk refinery.
