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Rosneft plans to effectuate deal to buy TNK-BP stock within 6 months

October 22, 2012, 17:22 UTC+3
The borrowed funds and other sources will be used to effectuate the deal
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NOVO-OGAREVO, October 22 (Itar-Tass) —— The Russian state-run oil giant Rosneft is planning to effectuate a deal for the purchase of the TNK-BP stock within half a year.

“Within half a year we have an opportunity, if we work efficiently, to effectuate a deal,” Rosneft CEO Igor Sechin told reporters on Monday.

The borrowed funds and other sources will be used to effectuate the deal, he underlined.

“There is an opportunity to effectuate the deal from the resources taken in the Western banks, the funds on the accounts will be also used, the possibilities for the sale of the non-core assets are being considered, as well as the program for placing the bonds,” Sechin said in comments on concrete sources for funding the deal. He noted that despite a substantial amount of borrowings, the financial and economic figures of the company do not worsen. “The rating of the company does not go down, on the contrary, we believe that the financial and economic figures will improve as a result of effectuating the deal,” Sechin said with confidence.

Rosneft has already turned in the Russian government to approve a deal over the BP sale of a 5.66% stake in Rosneft that Rosneftegaz owns, Sechin told reporters. “The approval of the government will be needed for effectuating the deal over the sale (the sale of a 5.66% Rosneft stake by BP – Itar-Tass) and we have already sent a relevant address,” he said.

With the price of the shares of eight dollars per share in the deal its cost will make 4.8 billion dollars and additional Russian state revenues will reach about one billion dollars. “An efficient prize as compared with the market placement may reach 30%,” the Rosneft CEO underlined.

 

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