17 May 2010 16:22

Rosneft draws $1 bln of Chinese loan in Q2, could get remaining $4 bln by end 2010

MOSCOW. May 17 (Interfax) - Rosneft has drawn $1 billion of a China Development Bank loan in the second quarter of this year and plans to draw the remainder by the end of 2010.

The Russian oil company said in a Q1 2010 US GAAP earnings report that it drew $998 million of a long-term loan facility after March 31, 2010.

Peter O'Brien, a Rosneft vice president, told Interfax that the report was talking about the Chinese loan. "We have the opportunity to draw $5 billion of the Chinese loan in 2010. We've already taken $1 billion and expect to receive the rest by the end of the year," O'Brien said.