The Russian government has promised the country's four largest oil and gas firms $9 billion to help refinance short-term foreign debt, the Kommersant daily reported Tuesday, citing people familiar with the matter.
At a meeting Saturday chaired by Deputy Prime Minister Igor Sechin, the companies were promised $9 billion, including $4.2 billion for OAO Rosneft (ROSN.RS), to help refinance foreign debt in the coming nine months.
The government responded to a request made by gas giant OAO Gazprom (GAZP.RS) and the country's top three oil producers - Rosneft, OAO Lukoil (LKOH.RS) and TNK-BP Holding (TNBP.RS) - asking for the possibility to obtain additional credit amid the global credit freeze.
The loans may be used for "force majeure situations," state-controlled Gazprom said last week.
In September, Russia's heavily indebted oil industry was given tax concessions estimated at $5.5 billion.