Is MOL asking for loan of USD 1 billion?

(Photo: molserbia.rs)

Hungarian oil and gas group, MOL, is negotiating with banks on a loan of USD1 billion, the banking environment sources said.

The group originally sent an invitation for proposal delivery (RFP) for smaller amount of credit so that after positive initial negotiations they increased it to some USD 1 billion, bankers said to Reuters yesterday.

- It is not a committing stage yet; the company is trying to define the price- a banker said.

- Competition will be tough – he adds.

Last time, MOL asked for a loan in the mid of last year when it signed the contract on loan totaling USD 545 m through coordinator of Erste Group and KBC bank, and with the City bank as an agent.