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Thursday 2 October 2014

Russian oil giant asked the state for €30bn of aid

Published 15/08/2014 | 00:00

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US President Barack Obama talks about the humanitarian relief situation in Iraq at the State Dining Room of the White House
US President Barack Obama talks about the humanitarian relief situation in Iraq at the State Dining Room of the White House

RUSSIAN oil giant Rosneft asked the state for as much as 1.5 trillion roubles (€30bn) of aid, a government official said, signalling a US ban on long-term loans to Russia's largest company is starting to bite.

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The state-run producer, which pumps 40pc of Russia's oil, sent the call for help this month and it may be discussed in September, the official said.

Rosneft is due to repay €8bn by the end of the year, including loans to finance last year's acquisition of competitor TNK-BP.

The request shows Russia's largest companies are exploring ways to replace foreign finance after the US banned American banks from lending to certain borrowers, including Rosneft, for maturities greater than 90 days, on foot of the crisis in Ukraine. (Bloomberg)

Irish Independent

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