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Gazprom will repay by June all the short-term loans it took to buy oil company Sibneft
Gazprom (RTS ticker: GAZP) will repay by June all the short-term loans it took to buy oil company Sibneft, a representative for the Russian energy giant said Wednesday. "By the end of May, Gazprom will repay the remaining $1.5 billion of a short-term loan," he said. "Another $2.5 billion is 'longer-term' loans syndicated by banks, which will remain [unrepaid] by summer." In October 2005, Gazprom signed an agreement with Gazprom Finance B.V., Dresdner Kleinwort Wasserstein, ABN AMRO, Citigroup, Credit Suisse First Boston, Goldman Sachs and Morgan Stanley on a $13.1 billion credit to buy 72.6% of Sibneft stock. In December 2005, Gazprom repaid $8 billion, including $2 billion from its equity capital and $5 billion from funds it received after the sale of 10.6% of its shares to the state, and another $1 billion in March 2006.
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