Russian state-controlled oil major OAO Rosneft (ROSN.RS) has been forced to increase security for a loan this month, possibly by as much as $2.8 billion, the Vedomosti daily said Tuesday citing banking sources.
The heavily indebted company last week repaid the final tranche of a $22 billion bridge facility drawn in early 2007 for the asset purchase of the now-defunct oil firm OAO Yukos.
Rosneft put up stocks as collateral for some of these loans. But following the drastic fall in the company's share price in recent weeks, brokers have demanded additional security for their loans, the paper said.
The stock market crash could force other major Russian companies, such as AFK Sistema (AFKS.RS), Altimo, UC Rusal and Norilsk Nickel (GMKN.RS) to face the same problems, the paper said.