Lukoil (RTS: LKOH) plans to raise $750 million as part of a syndicated loan, a source in banking circles told Interfax.
"The funds from the five-year unsecured loan will be earmarked partially for the purchase of a Turkish company [filling station chain Akpet]," he said.
He said that the syndication could start "in a month or less". It is forecast that Lukoil will receive bridge financing from bank-organizers prior to the start of the syndication.
It was earlier reported that Lukoil's subsidiary, LUKOIL EURASIA PETROL A.S., would pay over $500 million for Akpet, which owns 693 filling stations in Turkey.
The agreement to purchase Akpet was signed by Lukoil head Vagit Alekperov in Istanbul in Monday.
Akpet has a 5% share of the Turkish petroleum retail market. The company also owns eight petroleum product terminals with a combined capacity of 300,000 cubic meters, five liquefied natural gas storage facilities with a total capacity of 7,650 cubic meters, three aviation
fuel facilities with a total capacity of 7,000 cubic meters and a motor oil production and pre-packing plant, which can produce 12,000 tonnes a year.
The acquisition will allow Lukoil to expand its international retail presence by 18%.
LUKOIL EURASIA PETROL takes care of bunkering operations, as well as wholesale and retail sales of petroleum and petrochemical products.