Trafigura received $7 billion Russian loan for Vostok Oil deal, Bloomberg reports

The company purchased a 10 percent stake in the project last week.

By Reuters - January 5, 2021
Trafigura logo is pictured in the company entrance in Geneva, Switzerland, March 11, 2012. (Denis Balibouse / Reuters File Photo)

Global commodities trader Trafigura’s purchase of a 10 percent stake in Rosneft’s Vostok Oil project in the Arctic was funded by a $7 billion loan from a Russian bank, Bloomberg News reported on Tuesday, citing certain documents.

The Geneva-based trader bought a 10 percent stake in Vostok Oil through a unit last week.

According to the Bloomberg report, corporate filings in Singapore showed that the trading firm agreed to a 5.775 billion euro ($7 billion) loan facility with Credit Bank of Moscow PJSC on Dec. 23.

“The acquisition is majority financed by long-term debt financing provided to the entity,” Trafigura said in a statement last week without disclosing the value.

Reporting by Rithika Krishna.