Rosneft pays another multi-billion dollar part of TNK-BP loan

Russian oil company Rosneft has repaid another part of a loan obtained to finance the acquisition of TNK-BP.  On Wednesday, February 11, the Company paid to lenders USD 7.154 bln. The amount is similar to the one paid by Rosneft in December last year.

The overall amount paid since December 2013 now totals $33 bln, which is, according to Rosneft, in full accordance with credit agreements.

Within two months of 2015 the Company has said it repaid more than a half of the obligations supposed to be repaid in 2015.  Rosneft has boasted by the fact that, as well as in the end of 2014, Rosneft did not purchase foreign currencies on the market for that scope.

Rosneft Head Igor Sechin said: “The Company meets its obligations accurately and in full accordance with credit agreements. The repayment of another tranche, the largest this year, was made. The Company’s financial position enables meeting its commitments in due time and to the full extent.

“Efficient operating activities, cash flow generation and strict expenditures control ensure the implementation of key projects as well as dividend payment in different conservative price scenarios. We will continue the work to reduce the debt level and to create the long-term cost for our shareholders and investors”.

Rosneft in 2012 bought TNK-BP, then third largest oil company in Russia for around $56 billion. The deal was described as the second largest oil industry acquisition in history. The largest oil deal ever is the one from 1998, when Exxon Corp. bought Mobil Corp. for $80 billion.

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