Rosneft seeks Russian debt relief


Rosneft became the world's largest publically-traded oil firm after taking over the TNK-BP joint venture from its Russian owners and the British giant for $US54 billion in 2013. BP also secured a 19. 75 per cent stake in government-run Rosneft in return and remains its largest minority shareholder.

Another controversial proposal was for granting Rosneft the right to gain control of new Arctic and onshore fields without a bidding process. "The implementation of the support measures is subject to consideration, we believe," Moscow's VTB Capital investment house said in a research note.

The well-connected Vedomosti business daily said Rosneft chief Igor Sechin had written a letter to the cabinet outlining five ways it could help repay nearly $US45 billion ($A48. 69 billion).

US measures prevent Rosneft and Novatek - a private gas firm run by close allies of President Vladimir Putin - as well as two state-held banks from raising anything but short-term debt that matures within 90 days on the US market.

Read more here: Business Spectator


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