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MOSCOW, November 24. /TASS/. The Board of Directors of Russian state-owned oil company Rosneft has approved the program of bonds worth 1.071 trillion rubles ($16.5 bln) at its meeting, the company said in a statement.
"This program is a framework tool, which allows the company to place exchange bonds upon specific corporate decisions," an official with the company told TASS.
The amount of the program is defined by the requirements of the company’s charter.
Under the program bonds will be placed as separate issues, taking into account the schedule of investments and refinancing of planned repayments of current liabilities. This will not affect the total amount of the company’s debt. The Board of Directors also decided that the company's subsidiaries will be able to enter transactions for the purchase of bonds, which are issued under the program.