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Yuzhno: Upstream unleashed
14 June 2011
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[yuzhno]
[gazprom]
[basf]
[e.on]
The Yuzhno-Russkoye oil and gas condensate field development financing reached full financial close on 25 May, with first disbursement taking place on 27 May. The eight-year miniperm financing follows on from two bridge loans, and suggests that foreign lenders are now willing to countenance full project financings, for Russian companies, governed by Russian law.
The project is the first onshore upstream oil and gas project financing in Russia. First gas production was in October 2007 and by late 2009 the field achieved plateau levels of production equivalent to 25 billion cubic metres per year. This level of production is forecast to persist until 2020.
In 2009 the sponsors, at that time Gazprom, with 75%, and BASF’s Wintershall, with 25%, closed a one-year bridge loan split into dollar and euro tranches. Societe Generale, BNP Paribas, Credit Agricole, ING, Citi, Intesa, UniCredit, Mizuho and SMBC were the bridge’s mandated lead arrangers. Wintershall’s...
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