Gazprom Neft to raise $409 MM for green refining project

Gazprom Neft, the oil arm of Russian gas giant Gazprom, said on Monday the government has cleared 30 B roubles ($409 MM) in loans from Sberbank and Gazprombank for a green project in oil refining.

Gazprom Neft said both banks will provide 15 B roubles each for the ecological modernization of its Omsk refinery in western Siberia as part of a state-sponsored green program.

The company embarked on the refinery modernization in 2008 and has managed to cut its environmental impact by 40%. It will be further reduced by 25% by 2025, Gazprom Neft said.

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