OREANDA-NEWS. On May 26, 2009 Rosneft received the first USD 400 million of USD 15 billion loan granted to the Company by China Development Bank, reported the press-centre of Rosneft.

The loan is provided under a Russian-Chinese package transaction that includes, in addition to raising money to Rosneft and Transneft, long-term supplies of oil to the People’s Republic of China and construction of a pipeline from Skovorodino to the Chinese boarder.

The Company expects to receive next tranches in the coming days.

In accordance with the Purchase and Sale Agreement with China National Petroleum Corporation, Rosneft will repay the loan with a part of proceeds from oil supplies.

All agreements and contracts between the parties to the transaction became effective after Deputy Chairman of the Russian Government Igor Sechin and Vice Premier of the State Council of the People’s Republic of China Wang Quishan signed an intergovernmental agreement on cooperation in the oil sector.