ROSNEFT HAS PAID $1 BLN
Rosneft Finance S.A. (Rosneft subsidiary) has paid off series 2 eurobonds amounting to $1 bln of total nominal value. Those eurobonds were issued by the former TNK-BP Group in 2006, maturing 10 years later, with the coupon rate of 7.5% p.a.
Profit maximization at the operational level and efficient working capital management allow Rosneft to generate a stable cash flow thus ensuring sources for paying dividends, reducing debt load and providing the necessary liquidity for financing of the investment program.
Over 1Q 2015, net debt of the Company was reduced by 44.8% in dollar terms and made $23.9 bln.
Following the above redemption, series 3 of Rosneft Finance S.A. eurobonds remain in circulation, with total nominal value of $2.4 bln.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.