Russian oil producer Rosneft has cut pricing on a $13 billion syndicated loan, which is the second part of a jumbo $29.8 billion loan financing that the oil giant is using to buy rival TNK-BP, banking sources said on Friday.

Rosneft has cut 10 basis points  from the interest margin of the $13 billion loan, which is being used to finance the purchase of a 50 percent stake in TNK-BP from AAR, a consortium of four Soviet-born tycoons.