Gazprom Neft pre-export enters market

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02 June 2010

Banks have launched senior syndication of a $1 billion pre-export financing for Russian oil and gas company Gazprom Neft that achieves markedly better pricing than its recent borrowing.

Initial mandated lead arrangers and bookrunners Bank of Tokyo Mitsubishi UFJ (BTMU), Natixis and Societe Generale have launched senior syndication of a $1 billion five-year pre-export finance facility for Russian oil and gas company Gazprom Neft.

The loan is fully...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%