Sergei Bogdanchikov, in the front, is the long and permanent chief of Rosneft, But Igor Sechin has done much more for the company and its investors.
Photo: Andrei Miridonov/Kommersant
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Rosneft Borrows at Large on Vice Premier’s Support
In time of the global financial collapse, not all companies of Russia have faced catastrophic problems related to raising the money. It emerged that the government-controlled Rosneft received over $4.5 billion in the past two months from the state banks. It isn’t surprising that the Association for Investor Right Protection has put forward Rosneft BOD Chairman Igor Sechin (who is also the vice premier in Russia) for The Best Board of Directors Chairman Award.
Russia’s oil major Rosneft released yesterday the nine-month report under the U.S. GAAP. The document says the company raised with the state banks in October and November the short-term loans for the total worth of 104 billion ruble ($3.8 billion) and $774 million. The ruble loans were attracted at 10 percent to 14 percent on year, while the dollar ones were raised at Libor+5 percent on year. Of that amount, Rosneft spent 50 billion ruble and $313 million respectively.
People in Rosneft said the money would go to restructure the debts and finance operating performance but declined to name lending banks. A source familiar with Rosneft plans specified that the company intended to buy no assets but would inject funds into big projects, first of all in Vankor field.
Rosneft raised the dollar loan with VEB to pay off foreign debts maturing by this year-end. VEB granted no other loans to Rosneft, as the current funding of fuel and energy facilities isn’t amid its priorities, said a source close to the VEB Supervisory Board.
Another big bank of Russia, VTB granted a big loan to Rosneft in mid-November. The size of that facility wasn’t officially disclosed but a source with the VTB Supervisory Board leaked that it accounted for less than a half of all money received by Rosneft. The remaining portion was raised with Sberbank, according to the sources.
Rosneft is Russia’s biggest oil company. It posted the nine-month net profit of $10.35 billion under the U.S. GAAP, which is 2.4 fold more than a year earlier. The revenues surged 1.8 fold to $58.2 billion. The government’s stake stands at 75 percent.
www.kommersant.com
All the Article in Russian as of Dec. 02, 2008
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