Rosneft net debt rises 12% to 1.89 trln rubles in 2016
MOSCOW. Feb 22 (Interfax) - Net debt at Rosneft increased to 1.89 trillion rubles as of the end of 2016, 11.6% more than at the beginning of the year, the company said in consolidated financials for 2016.
Net of the effect of acquisition of new assets, net debt totaled 1.774 trillion rubles as of year-end, up from 1.651 trillion rubles as of September 30, 2016.
Net debt in dollar terms rose 19.5% in Q4 2016, and amounted to $31.2 billion, 34.5% more than at the beginning of 2016.
Total debt was 3.585 trillion rubles as of the end of 2016, 8% more than a year earlier and 22.5% more than at the end of Q3 2016.
Total debt excluding acquisition of new assets was 3.464 trillion rubles compared with 2.927 trillion rubles as of September 30, 2016.
Rosneft said the increase in total debt was mainly attributable to raising ruble funds, which was partially offset by the exchange rate effect and scheduled repayment of debt denominated in foreign currency.
A portion of long-term loans are secured with oil export contracts. "If the Company fails to make timely debt repayments, the terms of such contracts normally provide the lender with an express right of claim for contractual revenue in the amount of failing loan repayments," Rosneft said.