Gas mining company Severneftegazprom has taken out a $1.6bn syndicated loan, the company reports.

The funds were reportedly loaned from a consortium of 14 foreign banks and one Russian bank – Gazprombank.

Under plans, the funds are to be invested into development of the Yuzhno-Russky oil and gas condensate deposit in the Barents Sea, Yamalo-Nenets Autonomous District.

The loan is due to be redeemed by December 31, 2018. Early repayment is also possible.

The loan interest rate has yet to be disclosed.