Gazprom Neft negotiating $2.2bn expansion loan

Moscow: The oil division of Russian gas giant Gazprom is reported to be in negotiations with syndicate of banks for a loan worth up to $2.2bn. The current rocky economic market has created uncertainty that ABN AMRO, Calyon, Citigroup Global Markets and Commerzbank would grant Gazprom Neft the three-year syndicated loan that had been earmarked to fund production and refining expansion. The oil company declared a net profit of $3.7bn in 2006, a 31% increase on its results for 2005.  [21/09/07]