Russian oil producer Rosneft has closed a US$2bn five-year credit line with Barclays Capital and 14 other banks.

Barclays is leading the deal, which was upsized from US$1.5bn.

This is the first time Rosneft has raised such a financing since 2009 when the firm tapped the market for a US$1.35bn 15-month pre-export facility.

Rosneft also signed a US$500mn five-year term loan facility in September with Nordea and SMBC. The loan was used for the firm’s production programme, involving the procurement of domestically produced oil and gas equipment.