Russneft to pay off its debts by 2017
Russneft is able to pay off its debts by 2017, the President of the company M. Gutseriyev reports. Before he left Russia in 2007, the company debt was $1 billion, and when he returned in 2010, the debt reached $6.5 billion. Within one year it has been reduced to $5.3 billion.
Mr. Gutseriyev tells that next year they'll change the model. Now they pay off $500 million of interests, and from 2012 they will pay less interests and more creditworthy 'body'. Russneft credit liabilities presupposed full paying off of the debt by 2017. Sberbank and Glencore prolonged the repayment period for credits of $6.2 billion to 2020 and lowered interest rate to 9% per annum.
M. Gutseriyev and System AFK hold 49% in Russneft, and Sberbank holds another 2%.
Translated by Nadezhda Poltoratskaya
