Urals Energy Announces Non-Revolving Finance Arrangement with Sberbank

Source: www.gulfoilandgas.com 2/20/2017, Location: Asia

AIM-listed Urals Energy, the independent exploration and production company with operations in Russia, has announced that its subsidiary undertaking, Petrosakh, has entered into a new 24 month non-revolving CAPEX credit facility with the Sakhalin branch of Sberbank of Russia. Under the Loan Sberbank will provide, by way of several tranches, the sum of 50 million roubles (representing approx. US$0.86 million at prevailing exchange rates) to Petrosakh.

The key terms of the Loan are as follows:
repayable by 5 million roubles monthly installments, starting from 14 May 2018. The final date of repayment is 13 February 2019 (the agreement also provides for early repayment of the Loan by Petrosakh without incurring any penalties);
interest chargeable at the rate of 15.6% plus 1%., subject to Petrosakh meeting monthly minimum average cash balances in its bank account of 30% of the loan principal amount (15 million roubles);
secured by way of a pledge over property of Petrosakh; and the agreement provides for a parent company guarantee from Urals Energy and a guarantee from Urals Energy's other operating subsidiary, JSC Arcticneft.

The proceeds of the Loan will be used by the Company for acquisition of the storage facilities for refined products in Yuzhno-Sakhalinsk on Sakhalin Island (where Petrosakh operates). The storage facilities include: land plot, railway siding and a range of tanks. This acquisition will allow the Company to increase turnover and net backs in new niches, small wholesale and retail, as well as get substantial saving in commercial and transportation expenses.

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