Chernomornaftogaz to raise $58.2 mln credit line
KYIV. Sept 24 (Interfax) - Chernomornaftogaz (based in the Crimea) plans to raise a multi-currency credit line with a limit of 465 million hryvni (around $58.2 million, 7,993 hryvni/$1 on September 24, 2012).
According to an announcement posted on the Ukrainian State Procurement website, tender offers will be accepted until October 22. The bid openings will take place on this date.
The funds will be raised over one year for the purposes of replenishing the company's floating assets and refinancing loan debts.
It was earlier reported that the company raised credit lines from Sberbank's Kyiv-based subsidiary worth 60 million hryvni and Ukreximbank worth 100 million hryvni.
Chernomornaftogaz received over 5 billion hryvni in interest-free loans in 2011-2012 from national company Naftogaz Ukrainy. These funds went to the acquisition of drilling equipment, as well as three support vessels for production platforms
The company plans to produce 1.15 billion cubic meters of gas this year. The company's program foresees the development of seven new fields and completion of development at existing fields by 2015, which will help boost annual output to 3 bcm.
Chernomornaftogaz develops the Ukrainian sectors of the Black Sea and Sea of Azov shelves. It also produces hydrocarbons at fields in the Crimea, in addition to operating the Glebovskoye underground gas storage facility and trunk gas pipelines located on the peninsula. The company's stock is managed 100% by Naftogaz Ukrainy.