Intesa revs up syndication of Rosneft loan

Bianca Boorer

February 28, 2017 04:00 pm

Rosneft — The Kremlin wall, towers and cathedrals are reflected on a nameboard of state-owned oil company Rosneft's headquarters, Moscow, Thursday, Dec. 23, 2004. President Vladimir Putin on Thursday strongly defended the purchase of Yukos oil assets by a state-owned company, saying the state was protecting its interests in moving to get control of the one of the biggest production facilities in Russia. In an apparently secret deal, the state-owned Rosneft oil company bought BaikalFinansGroup, the obscure company that purchased Yukos' most important production unit in an auction Sunday. The Yuganskneftegaz subsidiary was sold for US$9.3 billion (euro7 billion), half of what foreign auditors say it was worth. (AP Photo/ Mikhail Metzel) | MIKHAIL METZEL/ASSOCIATED PRESS

An Intesa spokesperson confirmed to GlobalCapital that the bank was in talks with 14 banks about syndicating its €5.2bn loan to finance the takeover of a 19.5% stake in Rosneft by the Qatar Investment Authority (QIA) and Glencore.

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Bianca Boorer