Barclays Russia and TNK-BP, a leading Russian oil and gas company, have signed a US$50 million revolving committed credit facility agreement.

Under the terms of the agreement TNK-BP can utilise the facility for general corporate purposes at any time up to the maximum facility amount for a term of up to 1 year from the signing date.

TNK-BP is Russia's third largest oil company - owned on a parity basis by BP and the AAR consortium (Alfa Group/Access Industries/Renova). TNK-BP also owns around 50 percent of Slavneft, a Russian oil and gas company. TNK-BP produces approximately 16 percent of the total volume of Russian oil production (including TNK-BP interest in Slavneft). The total proven reserves owned by the company as estimated according to SEC LOF methodology amounted to 8.586 Bboe (billions of barrels of oil equivalent) as of December 31, 2009.

Tags: TNK-BP