Rosneft net debt grows 3.5-fold to 1.9 trln rubles in 9M
MOSCOW. Oct 29 (Interfax) - Russian oil major Rosneft's net debts increased 3.5-fold year-on-year in the period January-September 2013 to 1.9 trillion rubles, the company's report to International Financial Reporting Standards (IFRS) for the period says.
Compared with the second quarter of 2013, debt grew 2.5%.
As of September 30, the oil company's credit and loan debt amounted to 2.373 trillion rubles as compared with 2.374 trillion rubles on June 30.
Some of its long-term debt is secured surrendering to creditors the right of demand on sales revenues generated by crude oil export delivery contracts. Rosneft borrowing secured with oil export deliveries, excluding exports in the Commonwealth of Independent States, amounted to 23.2% of debt at end-September, 23.4% at end June, and 48.4% at end -2012.
On September 30, June 30, and December 31, 2012, the receivables represented a respective 5.2%, 6.8%, and 13.6% of total export sales, excluding exports to other CIS countries.