Rosneft's Subsidiary Gets First Tranche Of EBRD Credit

Rosneft's subsidiary Rosneft-Sakhalinmorneftegaz received $40m in the first tranche of the EBRD credit. The company's press service reported to RBC that the total sum of the credit is $90m. The major part of this credit will be spent for financing the following three programs: the development of the northern part of the Odoptu-More field ($36m), reconstruction of facilities that present danger to the ecology ($14m) and implementation the Program for ecological security ($11m). The EBRD is going to control expenditures to be made within this credit. In particular, Rosneft-Sakhalinmorneftegaz will present regular reports to the bank and the bank's representatives will pay visits to Sakhalin.