LONDON (Alliance News) - RusPetro PLC Friday said its INGA subsidiary has signed a further crude oil export prepayment facility with Glencore Energy UK Ltd, a subsidiary of FTSE 100-listed commodities group Glencore PLC.
The facility is for up to USD30 million over 18 months and renews the facility signed by the two in March 2014, which was repaid to Glencore as planned.
The new facility will require RusPetro to deliver a minimum of 15,000 metric tonnes per quarter, or around 1,200 barrels of oil, to Glencore.
"The renewal of the prepayment facility with our long-term partner Glencore provides the Group with additional working capital to complement our existing debt facilities," said RusPetro Chief Executive John Conlin.
Shares in RusPetro were untraded Friday morning, having last traded at 10.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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