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18

Rosneft To Borrow $4bn for Vankor Field Development

Russian state-run oil firm Rosneft wants to borrow as much as $4 billion

Russian state-run oil firm Rosneft wants to borrow as much as $4 billion to develop its Vankor oil and gas fields, Rosneft president Sergei Bogdanchikov said, Interfax reported.

Rosneft will spend $1 billion on the project this year and plans to spend a total of about $3.5 billion in the following two years, Bogdanchikov told the news service in Beijing.

Rosneft already has two potential lenders lined up and plans to conduct its initial public offering as early as July, Interfax reported.