Gas distributor Rostovoblgaz in Rostov Region will hold an open auction for $8m worth of bank loans on April 22, Rostov regional authorities announced today.

Four lots will reportedly be put up for auction.

Under three of them Rostovoblgaz is seeking credit worth $2.4m, $2.3m and $2.2m to be repaid by December 31, 2011, the report said.

Under the fourth lot the company is reportedly seeking a $1.2m loan to be repaid by December 31, 2012.

A maximum contract price to be paid to a winning bank has been set at 19%, the report said.