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Rosneft announces transition to settlements in rubles, currencies of friendly countries

The Company's current debt burden is the lowest since the end of 2013 according to the Rosneft statement

MOSCOW, September 15. /TASS/. Rosneft is gradually switching to settlements in rubles and currencies of friendly countries in foreign trade, the company said on Thursday.

"Pursuant to the instruction from the President of the Russian Federation, Rosneft is gradually shifting to foreign trade settlements in Russian rubles and national currencies of friendly countries, while optimizing its debt portfolio structure. The Company's current debt burden is the lowest since the end of 2013. Net debt / EBITDA ratio gradually decreases over the last seven quarters," Rosneft said in a statement following the placement of bonds in yuan.

According to the company, "Rosneft successfully completed its debut CNY-denominated bond issue in Russia. The coupon rate was set at 3.05% per annum, the placement volume - CNY15 billion. 002P-12 series exchange-traded bonds with a 10-year maturity were registered on September 14, 2022 by the Moscow Exchange. The nominal value of one bond is CNY 1,000. Coupon payments will be paid twice a year. The bond issue has an offer in 2 years."

It was reported earlier that Rosneft's net profit under the International Financial Reporting Standards (IFRS) attributable to shareholders increased by 13% in the first half of the year to 432 bln rubles ($7.21 bln). The company's revenue for the first half of the year grew by 32.5% to 5.172 trillion rubles ($86.4 bln). Capital expenditures increased by 14% and amounted to 527 bln rubles ($8.8 bln). The increase was mainly due to the planned increase in investments in the Vostok Oil project, the company explained.