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Urals Energy to Get Short Term Working Capital

Reuters reported a third party agreed to provide short-term funding for the mid-sized Russian oil firm Urals Energy to keep production at its Arcticneft and Petrosakh units live, and meet some other financial obligations

Urals Energy to Get Short Term Working Capital

This news sent the company's shares up 13 percent.

Urals Energy also confirmed that it was finalising details for the sale of its shares in ZAO Dulisma and Taas Yuriakh, its two strategic assets in East Siberia, to Sberbank or an affiliate.

This would be done in discharge of Urals' obligations to Sberbank under two separate loans totaling $630 million.

On Jan. 6, the company had said it would seek a small loan to maintain liquidity until proposals with Sberbank were finalised.

Urals had overdue amounts payable to Dulisma contractors and suppliers that must be partly satisfied by the end of January.

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