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11

Rosneft To Borrow $22 bn to Buy Out its Assets

Rosneft announced Tuesday that it would borrow a record $22 billion from eight foreign banks

Russia's state-run oil company Rosneft announced Tuesday that it would borrow a $22 billion from eight foreign banks to fund its purchase of assets, including those of the bankrupt oil company Yukos.

One of the two loans, worth $9 billion, will finance the bid for Yukos' 9.44 percent stake in Rosneft at an auction set for March 27, the state oil company said in a statement.

The second loan, for $13 billion, will go directly to Rosneft, the company said in the statement. Rosneft CEO Sergei Bogdanchikov indicated that Rosneft would use the money to bid for Yukos oil refineries going under the hammer later this year.

"With the successful borrowing of $22 billion, we ended an important stage of preparation for the auctions and are ready for competition."