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Tatneft is expected to begin syndication of a three-year syndicated loan for its Nizhnekamsk refinery project by the end of August, banking sources close to the deal said Friday.
The deal, which will be secured on oil exports, is being coordinated by UniCredit and WestLB, one of the sources added, while Royal Bank of Scotland has joined as a mandated lead arranger.
A number of banks are still considering joining as mandated lead arrangers, at which point the loan amount can be set and the deal launched, the banker added.
In June, bankers said the loan is likely to total between $600 million and $1 billion.
The loan will be the third three-year, pre-export financing for a Russian oil company this year — TNK-BP and recently completed loans worth $600 million and $1.2 billion, respectively.
