An advert poster of Rosneft welcomes the holders in front of the Expocenter premises of Moscow.
Photo: Alexander Miridonov
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Rosneft Developed Belief in National Currency
Big exporters of Russia tend to favor the ruble loans. Rosneft, for instance, is getting ready to borrow 45 million rubles by releasing the bonds and at least a third of the amount will be raised before this year-end. Given that the rates are going up overseas, Rosneft may use ruble bonds to re-finance its debts accumulated when buying out the Yukos assets.
Rosneft sealed last week an agreement for arranging an issue of ruble bonds with Gazprombank and VTB banks and Troika Dialog Capital Company. But releasing the bonds still “calls for the decision of the Board of Directors that should critically consider the expediency extent for the loan of this kind and this worth,” said Rosneft President Sergey Bogdanchikov.
Rosneft is one of the biggest companies of Russia in terms of crude oil production (81.7 million tons in 2006) and refining (11 million tons). Past year’s revenues under the U.S. GAAP reached $33.1 billion; net profit stood at $3.5 billion. The long-term debts totaled $8.66 billion as of March 31; of that amount, the debts raised in the foreign currency accounted for 99 percent.
The overall size of Rosneft’s ruble bonds will be 45 billion rubles, said Pavel Sokolov from Troika Dialog. The program’s duration is a year, but the placement will be effected “depending on Rosneft requirements and on the opportunities on stock exchange market.”
Bogdanchikov also gave the similar amount of bonded loan, while a source close to arrangers specified that the bonds will be launched via three tranches, each of which amounting to 15 billion rubles, and the first one will be placed before the year-end.
www.kommersant.com
All the Article in Russian as of Sep. 03, 2007
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