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OJSC Bank Petrocommerce has closed syndication of a US$50mn loan through its mandated joint lead arrangers RZB and ZAO Raiffeisenbank Austria.

The documentation has been sent out to the lenders with an envisaged signing on or about April 8.

The facility carries a maturity of 364 days and pays a margin of 2.85% per year. The facility will be used for general banking purposes.

Bank Petrocommerce, established in 1992, is a commercial bank which enjoys the exclusive role of being a treasury bank to the Lukoil Group, Russia’s leading energy conglomerate. In the course of Lukoil’s strategic decision to divest of its non-oil assets, Lukoil sold just under 65% of Petrocommerce to IFD Kapital in June 2004. The close relationship of Petrocommerce to Lukoil is expected to persist, with Lukoil, maintaining an operating presence through branches or offices in regions and areas where members of the LUKOIL Group operate.

As of October 1, 2004, the bank was the 13th largest bank in terms of capital (US$269.138mn) and the 15th largest in terms of total assets (US$2.048bn).