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Friday, October 31, 2008

Kremlin helps Rosneft pay off debts

30 October 2008 - Upstream OnLine - The Russian government has disbursed around $3 billion to billionaire Mikhail Fridman's Alfa Group and state oil producer Rosneft to help refinance their foreign debts, government and industry sources said. Fridman and Rosneft joined Oleg Deripaska, Russia's richest man, who this week became the first billionaire to get state support in refinancing his massive foreign debts. The source told Reuters the board of state agent, bank VEB, agreed to disburse $2 billion to Alfa to help it pay back a loan to Deutsche Bank. Rosneft, Russia's most indebted oil producer, which owes $22 billion to creditors, will received around $800 million, sources said. Rosneft drastically reduced its debt earlier this year and has a modest portion of short-term debt.

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