A deal between Russia and Mobil Oil to export 25 million tons of Russian crude oil over five years in exchange for a loan of up to $2 billion has been delayed, Interfax said Wednesday.


The news agency quoted an unnamed source at Nomura International, one of the project's partners, as saying it was "still early to implement" the oil-for-cash contract. Russia would probably not receive a first loan tranche before month's end.


Officials from Mobil and Nomura could not be reached for comment, but one source close to the deal said it was "just in the making."


Interfax said the participants were waiting for the Finance Ministry to draw up a repayment schedule before proceeding.


The oil-for-cash contract, signed last January, involves British-Russian oil joint venture Balkar-Trading, Mobil Oil, Nomura International, Indosuez Bank and the Russian Fuel and Energy Ministry.


It envisages the formation of a trust company which would issue securities backed by supply of five million tons of oil a year for five years.


Revenue from the securities issue, estimated at $1 billion to $2 billion, would be made available to Russia in the form of a loan with interest pegged at 12 percent annually.