AQMESCİT/SIMFEROPOL (QHA) - Government-operated enterprise Chornomornaftogaz Aqmescit, Crimea) has selected public joint-stock company Vseukrayinsky Bank Rozvytku (all-Ukrainian Development Bank, VBR Bank, Kyiv) to open a renewable multi-currency credit line in the equivalent of UAH 150 million, reads a report of Chornomornaftogaz on the government procurement Web portal, according to Interfax-Ukraine.
The report says that the offer was accepted on July 2, 2013, and the final agreement is to be signed by August 1, 2013.
The cost of the servicing the line will be UAH 28.131 million (value added tax not included) or 18.3% per annum in hryvnias or 11.3% per annum in the U.S. dollars.
The funds raised will be taken for one year from the moment of the signing of the credit agreement.
The funds are being raised to buy materials, equipment, pay for works and service, bills payable, wages, taxes and other liabilities.
VBR (Vseukrayinsky Bank Rozvytku) was registered in 2009. It ranked 42nd with UAH 4.741 billion in overall assets as of January 1, 2013. The bank belongs to Olesandr Yanukovych, a son of Ukrainian President Viktor Yanukovych.
Chornomornaftogaz in 2012 increased natural gas output by 11.2% or 118 million cubic meters year-over-year, to 1.174 billion cubic meters. Oil extraction last year grew by 1.7%, to 8,720 tonnes, while gas condensate production fell by 6.45%, to 62,770 tonnes.
Chornomornaftogaz carries out offshore development in the Ukrainian sections of the Black and Azov Seas. The company also produces hydrocarbons at fields in Crimea, and operates the Hlibovske underground gas storage facilities and trunk pipelines on the peninsula. It is wholly owned by Naftogaz Ukrainy.