"Gazprom" on Nevsky Prospekt in St. Petersburg
Photo: Oleg Kharseev
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Oil and Gas Cos. Ask Gov’t for Billions
Russia’s four largest oil and gas companies, LUKOIL, Rosneft, TNK-BP and Gazprom, have appealed to the government for a loan to pay off their foreign debts with, Interfax reports. Oil prices have been falling since they reached their record high of $147.27 per barrel in July of this year. Prices fell below $100 per barrel on September 29, 2008, on the NYMEX commodities market in New York. On October 7, it was selling for $90.85 per barrel.
LUKOIL president and co-owner Vagit Alekperov stated on September 19 that would reconsider its investment program. He stated that the company had made it calculations based on oil prices of $105 per barrel. Several investment projects may be delayed. In February of this year, the state Rosneft company borrowed $3 billion. The company reported that the funds were needed to pay old credits off with. Only September 17, it became known that Rosneft had paid off $22 billion in credits that it took out in March 2007 for the acquisition of YUKOS assets.
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