Rosneft Starts Repayment of Loans Arranged for TNK-BP Acquisition
OREANDA-NEWS. December 19, 2013. Rosneft announces that it has started early repayment of a part of the loan obtained earlier from a group of international banks to finance TNK-BP acquisition.
Early repayment of the loans obtained to finance TNK-BP acquisition before the due time established by the relevant loan documents became possible due to the Company’s responsible financial policy and significant generation of liquidity which allows the Company to meet its business plan goals.
Rosneft President Igor Sechin said: "Early repayment of the loan once again proves the efficiency of Rosneft’s business model. Over the past five quarters, the Company operational cash flow allowed us to finance investments without any borrowings. Such result was achieved amid oil and gas production increase and efficient integration of the new acquisitions. The Company cash generating ability will grow as the new projects are developed, thus promoting, in its turn, further optimization of the debt portfolio and debt level reduction. We should note our efficient partnership with the international banking community and our responsible attitude to the commitments we accepted.”