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Sunday, 20 July, 2008, 22:20 GMT | more prices >>

Rosneft pays off $5.2bn loan

By Upstream staff

Russian producer Rosneft has repaid the second, $5.2 billion tranche of the short-term loan it raised last year to fund acquisitions.

"Rosneft funded the repayment by closing a new $3 billion five year pre-export international bank facility as announced in February and generation of sufficient free cash flow to cover the balance," Rosneft said in a statement.

The company said it had refinanced or repaid $5.6 billion out of $5.8 billion of short term debt falling due in the first quarter of 2008, with $2.6 billion fully repaid from free cash flow. It said the repayment of the remaining $190 million will also be funded by free cash flow.