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Refinancing credit

November 9, 2000, 08:00 CET

A line of credit totalling USD 1 billion, due to expire in March 2002, is being refinanced by Statoil in the Eurobank market.

The new line – which can be compared with an overdraft facility – will run for five years. The group intends to use it as reserve liquidity.

It is being provided by a syndicate of 17 international banks, including two from Norway.

According to the financial services unit, the response from banks invited to participate in the syndicate has been very good.

The final agreement will be signed this month.