25th May 2016 08:52
LONDON (Alliance News) - Russian oil and gas firm Urals Energy PCL on Wednesday said it has signed a pre-export short-term loan agreement with Channel Islands-based oil trader Petraco Oil Co Ltd.
Under the agreement, Petraco will advanced USD6.0 million to Urals ahead of an anticipated tanker shipment from its Arcticneft project in August.
The loan will carry an interest rate of 5.0% over US dollar Libor up to the date of the bill of lading of the tanker, after which it will reduce to 2.0% over US dollar Libor.
Urals shares were untraded on Wednesday, having last traded at 2.05 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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