Sberbank of Russia opens €24m credit line for Belorusneft

The Moscow branch of OAO Sberbank of Russia has signed a credit agreement with the Belarusian industrial group Belorusneft. As part of the agreement a non-revolving credit line with the limit of €24 million will be provided for a period of 36 months for the sake of financing the operation of Belorusneft’s branch in Ecuador, the press service of the bank told BelTA.

The credit line has been granted with assistance of OAO BPS-Sberbank, a daughter bank of the Russian bank in Belarus. The Belarusian bank took an active part in the financial and legal examination of the deal.

The Belarusian industrial group Belorusneft was founded in 1966. The company specializes in the surveying, prospecting and development of oil fields, well drilling, oil and associated petroleum gas extraction in Belarus. The state-run industrial group comprises over 40 oil extraction, oil service, engineering, design, gas processing and sale divisions and enterprises in Belarus, Russia, Ukraine, Venezuela, Ecuador, and Poland. The company’s retail network includes 535 refueling stations, including 235 gas refueling stations.