JSC Gazprom Neft in $10 Billion Reg S/144A MTN Programme

Cleary Gottlieb acted as Russian, English and U.S. counsel to JSC Gazprom Neft in its debut $10 billion Reg S/144A MTN programme. Its Base Prospectus was approved by the Irish Stock Exchange on August 2. The programme uses a loan participation note (LPN) structure: notes are issued by GPN Capital, a Luxembourg orphan vehicle, to finance loans to JSC Gazprom neft. Credit Agricole and J.P. Morgan act as the arrangers.

JSC Gazprom Neft is Russia’s fifth largest producer of oil and third largest refiner of oil and oil products, with 2011 revenues of $44 billion. Prior to its 2005 acquisition by Gazprom, it was known as Sibneft.