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Russia's West Siberian renews $185 mln credit line

Fri Nov 14, 2008 5:01am EST

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MOSCOW, Nov 14 (Reuters) - Stockholm-listed, Russia-focused oil firm West Siberian Resources (WSR) WSIBsdb.ST said on Friday it had renewed a 5 billion rouble ($182 million) credit line for nine more months through its subsidiary Alliance Oil.

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West Siberian said the loan was worth $185 million.

The credit facility was obtained from Russia's largest bank, state-controlled VTB (VTBRq.L). The financing will go towards the modernisation of WSR's refinery in Khabarovsk in Russia's Far East, the firm said in a statement.

WSR and Russian firm Alliance Oil merged last April.

Russian companies have seen the credit crisis choke off their access to foreign loans, triggering the Russian government to pump 950 billion roubles in liquidity into the banking system, 200 billion roubles of which has gone to VTB.

WSR, most of whose oil reserves are concentrated in Russia's northern Timan-Pechora region, has said its proven and probable reserves stand at 361 million barrels. (Reporting by Amie Ferris-Rotman; Editing by David Holmes)

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