Rosneft Repays Part of Loan Used for TNK-BP Acquisition

Russia’s Rosneft has repaid a portion of a loan received earlier from a group of international banks to support the acquisition of TNK-BP.

With the early repayment announced earlier, the overall amount paid towards the settlement of the principal debt totaled around USD 5.1 billion.

Igor Sechin, President of Rosneft, commented: “Financial standing of Rosneft allows us to repay the loans ahead of schedule, which demonstrates the Company’s responsible attitude towards responsibilities we assumed. We generate sufficient financial resources to implement our plans and, looking forward, will continue the work to reduce our external debts”.

In December last year Rosneft signed two loan agreements with a group of international banks for the total amount of U.S. $16.8 billion to finance the acquisition of 50% stake in TNK-BP from BP.

In March this year Rosneft completed one of the largest oil industry acquisitions in history by buying TNK-BP from BP and AAR.

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Offshore Energy Today Staff, December 26, 2013