OAO Rosneft, the world’s biggest publicly traded oil producer by volume, will rely on deals with China to withstand the latest U.S. sanctions against Russia.
The state-run company is scheduled to receive $63 billion of advance payments under long-term crude-supply contracts from 2014 to 2018, mostly from Chinese clients, Andrey Polischuk, an energy analyst at ZAO Raiffeisenbank in Moscow, said by phone today. That covers almost all of Rosneft’s $65 billion in debt, he said, after sanctions announced yesterday limited the producer’s access to U.S. debt markets.
