RIA Novosti reported that LUKoil, Russia's largest independent crude producer, has secured a EUR 400 million loan to purchase a refinery in Italy.

The loan was taken out through LUKoil's subsidiary, LUKoil Finance Limited, at an annual interest rate of 5.9% for a six month term.

The company said that "The loan will be used to purchase a 49% stake in the ISAB oil refining complex in the city of Priolo, Italy."

In addition, the company has obtained a USD 280 million loan to finance refinery investment projects. The loan was issued for three years at an annual interest rate of 5.4%.

Last Friday, LUKoil applied to several Spanish banks for a EUR 5.2 billion loan to buy a stake in Repsol YPF, Spain's largest private oil and gas Company.