Gazprom to Support Gazprombank with $1.36bn

Gazprombank, Russia’s third-biggest bank, said on Friday it would receive $1.36 billion by from one of the companies controlled by gas giant Gazprom, which holds a 46 percent stake in the bank, Reuters reported.

“We confirm plans to receive 90 billion roubles as additional capital in the form of Gazprom perpetual subordinated deposits,” the bank said in a statement.

Reuters reported earlier that Gazprom planned to inject an extra 100 billion roubles into Gazprombank. Since state-owned gas giant is designated by the central bank as a lender of high importance for the domestic banking sector, it needs to meet higher capital requirements set out under global bank capital rules known as Basel III.

The loan will be provided by a company called Gazprom Gazoraspredeleniye, a part of the wider Gazprom group.

Last week, Russian media reported that Gazprombank has a $150-million line of credit for a joint venture between Venezuela’s state oil company Petroleos de Venezuela (PDVSA) and the bank’s branch Gazprombank Latin America Ventures B.V.

“As part of a joint venture with the PDVSA, the bank retains a credit line for $150 million intended for the company’s operating activities. The line is guaranteed by oil supplies, which makes risks minimal,” a source told state-run news agency TASS.