Two landmark bank loans will reinforce the dominance in Russia’s oil and gas sector of two of the largest state-controlled companies – fuelling rivalry between them.
State holding company Rosneftegaz is talking to banks about a $7.3 billion loan to finance its purchase of 10.7% of Gazprom. The loan is intended as a bridge to a Rosneft IPO. State-owned Rosneft aims to become Russia’s biggest oil producer after buying assets that once belonged to now-bankrupt Yukos.
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