27 Oct 2009 18:49

TNK-BP debt at $7 bln on Sept 30; cash - $1.9 bln

MOSCOW. Oct 27 (Interfax) - TNK-BP had $7 billion in debt at the end of the third quarter, the company said in a presentation.

Cash and equivalents totaled $1.9 billion.

TNK-BP repaid $1 billion in debt in the first nine months of the year. That, together with robust cash flows, helped to reduce the amount of debt relative to cash and equivalents.

Speaking in a video conference for investors, TNK-BP CFO Jonathan Muir said the company was in a strong position to acquire assets. TNK-BP is looking at new opportunities in Russia and abroad, he said. The company also continues to divest itself of non-core assets.

TNK-BP is interested in both upstream and downstream assets, he said. As for Shell and Total refineries in Europe, Muir said the issue hinges on monetization, and that the company only sees the potential for synergies in certain deals.

Muir also said that refinery margins were holding up and that he expects them to increase.