Russian-British oil company TNK-BP has received a five-year US$600mn credit underwritten by Citibank, ABN Amro and Calyon.

The loan is guaranteed by the company’s export receipts at a rate of Libor +0.9%.

About 12 banks, including the underwriters, are part of the syndicate.

Banks have committed despite the fact that TNK-BP is challenging a tax audit for 2001, after which a claim for Rb4bn was made against the company in the Moscow Arbitration Court.

The company also recently received an act following a repeat audit for 2001. According to TNK, the claim in this act amounts to Rb22bn.