Grupa Lotos Agrees To Loan Terms for Refinery Expansion
by AFX News Limited
June 13, 2008
Poland's second-largest oil company Grupa Lotos
has agreed terms on a $1.75 billion loan to finance expansion of its refinery, the newspaper Rzeczpospolita reported on Friday, citing an industry publication.
Lotos should sign the agreement with a consortium of 17 banks by the end of
June and will pay interests of 1.1-1.35 percent on a 12-year loan, the newspaper
The consortium includes Caja Madrid, BNP Paribas, Fortis, BBVA, Bank Pekao,
DNB Nordbank, PKO BP, Societe Generale, RBS, ING, Nordesea, KBC, BTMU and
Calyon, which will lend the state-controlled refiner $100 million each.
Three other three banks - Bank Zachodni WBK, Rabobank and AMBC - will commit
70 million euros each.
Lotos plans to spend 5.4 billion zlotys by the end of 2010 to increase the
amount of oil it processes at its Gdansk-based refinery by two-third to 10
million tonnes annually.
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