MOSCOW, December 22. /TASS/. Russia’s oil major Rosneft has made a scheduled payment of a $7 billion loan taken out for the purchase of the Russian-British joint oil venture TNK-BP, the company said in a statement on Monday.

Therefore, “the overall amount paid throughout the year totaled $24 billion in full accordance with the credit agreement,” Rosneft said.

“To service its debt the Company does not need to enter the currency market because it generates enough foreign currency earnings,” Rosneft CEO Igor Sechin said.

Rosneft sells surplus foreign currency balances on the domestic foreign exchange market, therefore exerting positive influence on the market, the statement said.

The funds, which Rosneft has requested from the National Welfare Fund, will be used, if received, for the implementation of projects aimed at “the strategic development of Russian regions,” the statement said.

Rosneft TNK-BP deal

Rosneft completed a major transaction in March 2013 to buy 100% of TNK-BP from British oil major BP and the AAR (Alfa-Access-Renova) consortium of Russian billionaire shareholders.

Specifically, Rosneft bought BP’s 50% stake in TNK-BP in exchange for $16.65 billion in cash and 12.84% of Rosneft shares.

Separately, BP acquired 5.66% of Rosneft shares from Rosneftegaz holding company for $4.87 billion in cash. This amount included the adjustment from the offer date to completion according to the terms of the purchase agreement.

As a result of these transactions, BP received $12.48 billion net in cash (including the $0.71 billion dividend received in December 2012) and, together with its existing 1.25% shareholding in the company, now holds a 19.75% stake in Rosneft.

Besides, Rosneft finalized a deal to buy AAR’s 50% share in TNK-BP for $27.73 billion in cash in compliance with the terms agreed by the parties in October 2012. This amount was calculated on the basis of the terms of purchase price formation stipulated by the purchase agreement.