A source close to buyers of Rosneft shares confirmed to RBC that VTB issued the bridge loan amounting to $11.6 bln

Russia’s VTB Bank extended a 692.4 bln rubles ($11.6 bln) bridge loan to buyers of the 19.5% stake in oil major Rosneft in December 2016, Russian media holding RBC says on Monday citing materials of Singapore’s QHG Shares.

"On December 15, 2016 VTB and Singaporean QHG Shares Pte. Ltd made a loan agreement, according to which the state-owned bank gave 692.4 bln rubles to QHG Shares, as it follows from papers of QHG Shares presented to Singaporean regulators," RBC said.

Conditions of the loan, such as the term and the rate, are not disclosed in materials available with RBC.

A source close to buyers of Rosneft shares confirmed to RBC that VTB issued the bridge loan amounting to 692.4 bln rubles ($11.6 bln).

According to RBC, Singapore’s QHG Shares was de-facto owned by Glencore at the moment of receiving financing from VTB: UK’s QHG Investment LLP established in early December by Glencore-related companies was its shareholder. Qatar Holding, a subsidiary of Qatar’s sovereign fund, became the partner of Glencore in QHG Investment in late December 2016. Rosneft disclosed that Singapore’s QHG Shares became the shareholder of the oil producer with the stake of 19.5% in January 2017.