Wednesday, March 18, 2009
Russian Oil Cos Look For Foreign Loans
16.03.2009 - [Neftegaz.RU] - According to unofficial data, Rosneft, LUKoil, Gazprom Neft and Tatneft are each in talks with consortiums of foreign banks on the opening of pre-export credit lines worth a total of roughly $5 bln. Rosneft and LUKoil have the most significant debts, amounting to $21.2 bln and $9 bln, respectively. According to RBC, analysts believe, however, that this will not prevent Russian companies from securing funds that they need during the period of liquidity deficit. The ruble's devaluation and lower taxes are expected to play to the companies' advantage. Meanwhile, if the price of oil slumps to $25 per barrel, oil companies may find it hard to refinance their debts. Rosneft and LUKoil expect to take out loans of up to $1.5 bln each, while Tatneft is seeking $1 bln, and Gazprom Neft hopes to secure between $500 mln and $600 mln.