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15

Rosneft's Is Heavily In Debt

Russia's state-owned oil giant Rosneft increased its debt more than fivefold

Russia?s state-owned oil giant Rosneft increased its debt more than fivefold to $22.7 billion last year after the company borrowed to buy Yuganskneftegaz from the government.

Rosneft's debt compares with $4.23 billion at the end of 2003, the company said. The figures were calculated to conform to U.S. generally accepted accounting principles.