25 Oct 2011 15:28

TNK-BP's debt increases 13% during Q3 2011

MOSCOW. Oct 25 (Interfax) - TNK-BP's debt increased 13% over the course of Q3 2011, the company said in a press release.

As of September 30, the company's debt was $7.8 billion, compared to $6.9 billion as of June 30.

TNK-BP's Vice President for Finance and Treasury Gennady Shulenko told journalists that TNK-BP's cash and deposits amounted to $2.7 billion at the end of Q3 2011.

"TNK-BP is ready to increase cash balances in its bank accounts. Many companies do this in order to maintain their liquidity in the current unstable market situation," Shulenko said.