Russian state-owned oil giant Rosneft (ROSN.RS) said Tuesday its board of directors has approved a potential loan worth up to around $10 billion from TNK-BP, a joint-venture recently acquired by the Russian oil major, for a period of five years.
Russian state-owned oil giant Rosneft (ROSN.RS) said Tuesday its board
of directors has approved a potential loan worth up to around $10 billion from
TNK-BP, a joint-venture recently acquired by the Russian oil major, for a
period of five years.
The decision was made Thursday, according to the statement from the company.
Rosneft has not taken up the loan, but merely received approval from its board
of directors to borrow the amount, should it need to do so, a company
spokeswoman said.
This so-called cash-pulling practice is "standard," and does not oblige
the company to take up the loan, she said.
Rosneft Thursday closed deals worth around $55 billion to take over TNK-BP and
become the world's largest listed oil producer, with BP PLC (BP) as a major
shareholder. BP Chief Executive Officer Bob Dudley and Rosneft CEO Igor Sechin
met with Russian President Vladimir Putin at his residence outside
Moscow
to
announce the closing of the deals.
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