OREANDA-NEWS. June 24, 2013. Rosneft and China Development Bank finalized contractual documentation for a long-term credit line in the framework of facility agreement signed between the parties in March 2013.

The facility agreement was signed by Rosneft President and Chairman of the Management Board Igor Sechin and President of China Development Bank Zheng Zhijie as part of the visit of Xi Jinping, President of the People’s Republic of China, to Russia.

The loan is secured by current contract for crude oil supplies inked between Rosneft and CNPC in 2009.

The loan amounts to USD 2 bln with a redemption deadline in May 2029 and will be taken by end of June 2013.

OJSC VTB Bank acts as Passport bank and Agent for the loan.