Russian-focused Irish oil explorer PetroNeft has signed a new €15 million three-year debt facility.
The loan agreement with Arawak Energy is secured on PetroNeft’s 50 per cent interest in an oil field in Western Siberia. It will be repayable in one lump sum at the end of the three-year loan period in May 2015 and is at an interest rate of 6 per cent, “a competitive rate given present market conditions,” the company said.
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