From Bloomberg:
Glencore Said to Raise $7.5 Billion Oil Financing With Vitol
Glencore International Plc (GLEN) and Vitol SA, the two biggest oil traders, raised $7.5 billion in loans to fund a $10 billion crude-purchase deal with OAO Rosneft (ROSN), according to three people with knowledge of the deal.Earlier:
The five-year debt will be marketed to a wider group of lenders next week and may be increased to $10 billion, said the people, who asked not to be identified because the matter is private. Specially-created companies will raise the loan, which will be backed by a portion of future oil production of Moscow- based Rosneft, the people said.
Bank of America Corp., HSBC Holdings Plc and Societe Generale SA are helping to market the debt as bookrunners, the people said. Deutsche Bank AG, Citigroup Inc., BNP Paribas SA and JPMorgan Chase & Co. are also participating at the same level, the people said....MORE
Oil: "It's a Trap!" (and an opportunity) Now with Transsexuals and Crossdressers
And from 2008, one of my all-time favorite headlines:
Rosneft's returns boosted by theft of Yukos