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Sberbank extends $3 bln loan to Gazprom for asset purchase

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Sberbank of Russia, the country's largest retail savings bank, has extended a $3 billion loan to energy giant Gazprom for a term of five years, the bank's press office said on Monday.
MOSCOW, April 27 (RIA Novosti) - Sberbank of Russia, the country's largest retail savings bank, has extended a $3 billion loan to energy giant Gazprom for a term of five years, the bank's press office said on Monday.

"The loan proceeds will be used to finance the deal to acquire 20% of shares of JSC Gazprom Neft under an option agreement dated April 3, 2007, concluded between JSC Gazprom, Eni S.P.A. and other partner companies," the statement said.

Eni announced on April 24 it had closed the deal to sell a 20% stake in Russian oil producer Gazprom Neft to its parent company, Gazprom, for $4.2 billion.

The deal gives Gazprom control of a total of 95.68% in its oil arm.

Eni CEO Paolo Scaroni said earlier his company had bought the stake for $3.7 billion at an auction two years ago with a loan at an interest rate of 9.4%, which pushed the asset cost to a total $4.2 billion.

Gazprom Neft, which handles exploration and production of oil and condensates, reported a 12% increase year-on-year in its U.S. GAAP net profit to $4.7 billion in 2008.

The Italian company acquired the 20% stake in Gazprom Neft two years ago at liquidation auctions of former-oil giant Yukos, whose founder Mikhail Khodorkovsky is serving an eight-year prison term for fraud and tax evasion.

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