Rosneft to Borrow $1 Billion From Gazprombank for Operations
With interest, the deal totals 34.9 billion rubles ($1.19 billion), the state-controlled producer said today in a regulatory filing after its board approved the deal. In February, Rosneft’s board considered a loan of as much as 40.5 billion rubles from the lender, which is part owned by OAO Gazprom, the state-run natural-gas exporter and producer.
Rosneft is boosting capital spending about 35 percent to a record 480 billion rubles this year to help counter slowing production growth. President-elect Vladimir Putin called for Russia, the world’s biggest oil producer last year, to maintain output at more than 500 million metric tons (10 million barrels a day) for at least a decade.
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