Gazprom Neft to Borrow $2 Billion Next Year in Bet on Rates
- Steadier oil market seen leading to Russian interest-rate cuts
- Company not looking at Asian debt markets, CFO Yankevich says
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Gazprom Neft PJSC, the oil arm of Russia’s natural-gas exporter, plans to borrow the equivalent of $2 billion next year on the expectation crude markets will stabilize and the country’s central bank will continue to lower rates.
Gazprom Neft will be an “active player” in the domestic debt market and use the proceeds mainly for refinancing, Chief Financial Officer Alexey Yankevich said in an interview via video link from St. Petersburg. The company, which is barred by sanctions from major international borrowing, is considering bonds with a maturity of five to seven years and bank loans.