Top independent Lukoil has become the second Russian oil firm to repay a multimillion- dollar loan ahead of schedule, signaling a modest revival in the industry as oil prices stabilize at around $50/bbl and export duties drop (IOD Apr.14,p8) Lukoil said subsidiary Lukoil Finance has repaid in full the ?400 million ($530 million) it borrowed last year from a group of foreign banks - including ABN Amro, Barclays Capital and ING - to finance the purchase of a 49% stake in Italian Erg's Isab refinery in Sicily. Royal Bank of Scotland was the agent. The six-month loan was taken out in November and carries annual interest of 5.9%; Lukoil had the option to renew it for six months.
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