MOSCOW (Reuters) - The Russian Direct Investment Fund (RDIF) will provide a 40 billion ruble ($696 million) loan to the Sistema conglomerate to help settle a dispute with oil producer Rosneft, the fund’s head Kirill Dmitriev said on Wednesday.
Dmitriev told reporters that Sistema-owned retailer Detsky Mir and Bashkirian Power Grid Company will be put up as a collateral for the six-month loan.
Sistema will pay 100 billion rubles to resolve a dispute with Russia’s largest oil producer Rosneft over the Bashneft oil company, under a settlement announced by both companies on Friday.
Sistema will make payments in three instalments. First, 20 billion rubles, then 40 billion rubles and a final 40 billion rubles, due on Dec. 29, Feb. 28, and March 30, respectively.
The dispute centered on the Bashneft oil company and pitted powerful Rosneft chief executive Igor Sechin, a close ally of President Vladimir Putin, against Yevtushenkov, a billionaire who some media reports suggest is close to Prime Minister Dmitry Medvedev.
Reporting by Denis Pinchuk; Writing by Vladimir Soldatkin; Editing by Louise Heavens