Bloomberg News

Rosneft to Pay $9 Billion in Debt in 2009, Profil Says

December 22, 2008

OAO Rosneft plans to pay off or refinance $9 billion of debt next year, Profil reported, citing the company’s chief executive officer.

Rosneft currently has $23 billion in debt after paying and refinancing $16 billion in 2008, the magazine said, citing an interview with Rosneft CEO Sergei Bogdanchikov.

The Moscow-based oil company will likely produce 110 million tons of oil and condensate in 2008 and refine 49.3 million tons, Bogdanchikov was reported as saying.

Changes to Russia’s export duties in the fourth quarter led to cost savings of $1.7 billion, Profil said.

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Guy Collins at guycollins@bloomberg.net.


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