The arrears of Rosneft reached $20 billion, RIA Novosti reported with reference to the company’s president Sergei Bogdanchikov.
Photo: Dmitry Dukhanin
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Rosneft Owes Half of Its Market Cost
The arrears of Rosneft reached $20 billion, RIA Novosti reported citing the company’s president Sergei Bogdanchikov. The tricky point is that Rosneft capitalization on RTS was slightly above $40 billion as of November 26.
The financial turmoil has slashed Rosneft capitalization in the recent months. The market cost of the company stood at $93 billion as of September 1.
Bogdanchikov said Rosneft would be able to refinance debts for certain, all difficulties with raising the money notwithstanding. The debt exceeded $30 billion as of the middle of 2007, Bogdanchikov specified.
The debt of Rosneft is believed to be the biggest amid all companies of Russia. In March of 2007, Rosneft raised the $22-billion loan to acquire the assets of Yukos. The funds were provided by ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman Sachs, J. P. Morgan Chase and Morgan Stanley. The company announced September 17, 2008 it paid off the last tranche of the loan.
Rosneft is one of the biggest oil companies in Russia. Government-controlled Rosneftegaz holds 75.16 percent of its stocks.
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