MOSCOW - The Russian government will lend its four domestic energy majors as much as $9 billion to help them finance foreign debt and fund strategic projects amid a financial crisis, Kommersant business daily reported on Tuesday.
The newspaper quoted unnamed sources familiar with the matter as saying that the decision was taken at the meeting of energy executives and officials with Deputy Prime Minister Igor Sechin on Saturday.
Russia's gas giant Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) and three largest oil producers, Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz), LUKOIL (LKOH.MM: Quote, Profile, Research, Stock Buzz) and BP's (BP.L: Quote, Profile, Research, Stock Buzz) TNK-BP TNBPI.RTS joint venture have asked the government for support as global credit crunch has virtually closed global capital markets at a time of a decline in oil prices.
Rosneft, which has debt of over $21 billion and has Sechin as its board chairman, is penciled get the bulk of the funds, or $4.2 billion, said the newspaper.
Gazprom, which has a consolidated debt of almost $60 billion, was promised $1 billion. LUKOIL and TNK-BP may get $2 billion and $1.8 billion, respectively.
The final distribution of funds is the subject to approval by Russia's state bank, VEB.
The government has said it was prepared to lend $50 billion to Russian companies to refinance a total of $120 billion of Western loans before the end of 2009.
Prime Minister Vladimir Putin said on Monday only firms working in key sectors of the real economy would have access to refinancing aid for loans taken out to fund projects of strategic importance or to buy assets inside Russia.
The four energy companies account for 70 percent of the oil production in Russia, the world's second-largest oil exporter, and 90 percent of its gas output.
The newspaper quoted unnamed sources familiar with the matter as saying that the decision was taken at the meeting of energy executives and officials with Deputy Prime Minister Igor Sechin on Saturday.
Russia's gas giant Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) and three largest oil producers, Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz), LUKOIL (LKOH.MM: Quote, Profile, Research, Stock Buzz) and BP's (BP.L: Quote, Profile, Research, Stock Buzz) TNK-BP TNBPI.RTS joint venture have asked the government for support as global credit crunch has virtually closed global capital markets at a time of a decline in oil prices.
Rosneft, which has debt of over $21 billion and has Sechin as its board chairman, is penciled get the bulk of the funds, or $4.2 billion, said the newspaper.
Gazprom, which has a consolidated debt of almost $60 billion, was promised $1 billion. LUKOIL and TNK-BP may get $2 billion and $1.8 billion, respectively.
The final distribution of funds is the subject to approval by Russia's state bank, VEB.
The government has said it was prepared to lend $50 billion to Russian companies to refinance a total of $120 billion of Western loans before the end of 2009.
Prime Minister Vladimir Putin said on Monday only firms working in key sectors of the real economy would have access to refinancing aid for loans taken out to fund projects of strategic importance or to buy assets inside Russia.
The four energy companies account for 70 percent of the oil production in Russia, the world's second-largest oil exporter, and 90 percent of its gas output.
