Transneft to take credit from Sberbank

Transneft will sign an agreement with Sberbank on taking a $350m credit for a period of 5 to 7 years, Transneft President Semyon Vainshtok declared in Moscow today. He did not specify the interest rate. According to him, these resources will be spent on the development of the Baltic Pipeline System.

At present the company's accounts payable are $124m, Vainshtok mentioned. If Transneft had not agreed with Sberbank, the company would have to pay off the current debts immediately, Transneft President admitted.

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