Reuters)

Global commodities trader Trafigura’s purchase of a 10 per cent stake in Rosneft’s Vostok Oil project in the Arctic was funded by a US$7 billion loan from a Russian bank, Bloomberg News reported on Tuesday (January 5), citing certain documents.

The Geneva-based trader bought a 10 per cent stake in Vostok Oil through a unit last week.

According to the Bloomberg report, corporate filings in Singapore showed that the trading firm agreed to a €5.775 billion (US$7 billion) loan facility with Credit Bank of Moscow PJSC on December 23.

“The acquisition is majority financed by long-term debt financing provided to the entity,” Trafigura said in a statement last week without disclosing the value.