OREANDA-NEWS. Sberbank CIB has organised financing for Belorusneft. The company has been provided with a loan worth EUR 40 mln for general corporate goals.

In 2013 Sberbank CIB has raised loans exceeding a total of EUR 220 million for Belorusneft. These loans will be used for a number of projects, including the purchase of an oil asset in Russia, the development of the Belorusneft's office in Ecuador and the financing of the company's investment programme.

"This has been the fifth deal with Belorusneft this year. The dynamic development of our cooperation demonstrates Sberbank CIB's interest in promoting mutually beneficial and long-standing ties with Belarus' leading oil producer," commented Alexey Grenkov, Managing Director of International Coverage at Sberbank CIB's Investment Banking Department.

Belorusneft Director General Aleksandr Lyakhov noted: "We are satisfied with our cooperation and would like to emphasise the favourable financing terms and high level of professionalism of Sberbank CIB's employees."

Belorusneft is a vertically integrated state company. It occupies a leading position in the fuel and power industry of the Republic of Belarus. The company's main areas of activity are exploration, oil and gas production, raw material processing and power generation, oilfield services, science and engineering, and petroleum sales through the company's petrol station chain.