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20

Rosneft Due to Pay Off $8.5 bln Debt in 2009

Rosneft is due to pay off $8.46 billion in debt this year, Peter O'Brien, the oil producer's vice president, said at a company presentation

Rosneft is due to pay $3.41 billion of this to Russian banks and the rest to foreign banks.

Rosneft reduced its net debt by $6.887 billion to $19.388 billion during the first nine months of 2008.

Refinancing exceeded $16 billion last year, according to the presentation.

Rosneft raised a syndicated Western pre-export loan facility of $1.35 billion at the end of January this year.

Author: Ksenia Kochneva