(Changes attribution, adds background, quotes)
MOSCOW, June 26 Russia's No.2 oil producer
Lukoil may raise a bridge loan of up to $2 billion
from the banks that had been arranging a Eurobond issue of that
amount which has been postponed to the autumn, senior
vice-president Alexander Matytsyn said.
"Our arrangers recommended that we don't place the Eurobond
until demand comes back fully," he told reporters.
"The banks confirm their willingness to work with the
company unless they get a written order not to."
Russian firms including Sberbank are testing the
waters of global liquidity markets after a hiatus of several
months caused by a crisis in relations with Ukraine, which has
led to the worst standoff between Moscow and the West since the
Some Western nations have imposed sanctions on several
Russian companies and individuals, and this has led to a general
increase in the premiums that domestic companies now have to
pay to borrow abroad.
"We planned to raise up to $2 billion in Eurobonds but there
is no market for it now," Matytsyn said, adding that the window
could reopen in autumn.
"They (Citi and JP Morgan ) have a mandate (for
the Eurobond issue) and we have a right to ask them for a bridge
loan of up to $2 billion (for up to three years) before
financing opportunities reopen."
Matytsyn added that Lukoil, which started up the West
Qurna-2 oil field in Iraq earlier this year, had raised $1.5
billion from state-controlled Sberbank and another $300 million
from the Russian private lender Promsvyazbank.
(Reporting by Vladimir Soldatkin and Katya Golubkova; Editing
by Kevin Liffey)