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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: stevedhu who wrote (7074)	1/30/1998 11:33:00 AM
From: GREATMOOD	Read Replies (1) \| Respond to of 11888

To All: (Of General Interest) Lukoil Gets $1.5B Loan From West .c The Associated Press MOSCOW (AP) - Russia's Lukoil said Friday that five Western banks have agreed to lend the oil company $1.5 billion over eight years. It would the largest such credit ever made to a Russian oil company. Underwriters are ABN Amro Bank, Citibank, Credit Suisse First Boston, Deutsche Bank AG and Societe Generale. The company did release the terms of the credit. It said the credit would be secured by profits of Lukoil's oil exports. In a prepared statement, the company said it would use the credit to finance its exploration and development projects in Timan-Pechora, the Caspian Sea and western Siberia. In 1997, Lukoil was Russia's largest oil supplier, producing 436 million barrels of crude oil, up 6.6 percent from 1996, the company reported recently. The company said recently it planned to increase exports in the coming year to offset losses it faces from the fall in oil prices on the world market. Although the company is making less on exports than it used to, profits are still much better than in the domestic market, where prices are well below world levels.