CDB provide $2 billion oil-backed loan to Rosneft for development of Vankor field in Krasnoyarsk and gas supply to China

On March 22, 2013, PJSC Rosneft Oil Company (‘Rosneft’) — a Russian state-owned oil company — and China Development Bank (CDB) signed a framework facilities agreement. Then, on June 21, 2013, Rosneft announced that it had signed a $2 billion facility (loan) agreement with CDB. 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 carries a 16 year maturity (and a final maturity date of May 2029) and an unknown interest rate. It was secured (collateralized) with a contract for crude oil supplies signed by Rosneft and CNPC in 2009. The proceeds of the loan were to be used by the borrower for the development of Vankor field (an oil and gas field in Turukhansk District and Krasnoyarsk Krai within Eastern Siberia) and to facilitate the supply of gas to China. OJSC VTB Bank was the agent and passport bank for the loan. On July 29, 2013, Rosneft disclosed that the $2 billion loan from CDB had fully disbursed in June 2013.

Additional details

1. Official source confirmation of the framework facilities agreement agreement can be accessed via https://www.rosneft.com/press/news/item/114908/ 2. Evidence of loan disbursement can be accessed via https://www.rosneft.com/upload/site2/document_cons_report/SyxruWR7K0.pdf

Number of official sources

3

Number of total sources

9