Russia's biggest oil producer, OAO Rosneft (ROSN.RS), has received the first $400 million of a $15 billion loan from China Development Bank, VTB Bank (VTBR.RS) said Monday.
"On May 26, the first $400 million was received into Rosneft's account at VTB," the bank said in a statement.
In February, China and Russia signed a deal under which China will get 15 million metric tons of Russian oil a year for the next 20 years, while state-controlled Rosneft and pipeline operator OAO Transneft (TRNFP.RS) will receive loans of $15 billion and $10 billion, respectively.