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RLPC-Glencore and Vitol in $10 bln loan to buy Rosneft crude
January 28, 2013 / 6:16 PM / 5 years ago

RLPC-Glencore and Vitol in $10 bln loan to buy Rosneft crude

LONDON, Jan 28 (Reuters) - Commodity traders Glencore International and Vitol have asked banks for a $10 billion syndicated loan to finance the purchase of up to 67 million tons of crude oil from Russian group Rosneft , bankers said on Monday.

Rosneft agreed long-term crude supply contracts with Glencore and Vitol in December 2012 [ID: nWLA7049].

The contracts could be worth around $50 billion, one of the bankers said.

The loan, which will be one of the biggest pre-export trade financings, will use Rosneft’s future oil exports as collateral, bankers said.

Glencore and Vitol are arranging the loan and asked banks to commit $500 million each and to express willingness to lend more.

Glencore and Vitol declined to comment.

Rosneft was not available to comment.

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