Russian state bank OAO Sberbank (SBER.RS) has provided gas giant OAO Gazprom (GAZP.RS) a $3 billion loan for five years to pay for a 20% stake in its oil arm OAO Gazprom Neft (SIBN.RS), the bank said Friday.
Gazprom agreed earlier in April to buy back the stake in Gazprom Neft from Italy's Eni SpA (E) for $4.2 billion.
Gazprom had long had a call option to buy Eni's 20% stake in Gazprom Neft, but many wondered if it was too short of cash to exercize it.
Eni and Italian energy company Enel Spa (ENEL.MI) bought some of the Russian gas assets of bankrupt Yukos in an April 2007 controversial auction. Eni bought the Gazprom Neft stake separately in the auction.