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Rosneft Sanctions Boost Reliance on China Loans for Oil

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07/18/2014 12:42 AM

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Rosneft Sanctions Boost Reliance on China Loans for Oil
[link to mobile.bloomberg.com]
OAO Rosneft (ROSN), the world’s biggest publicly traded oil producer by volume, will rely on deals with China to withstand the latest U.S. sanctions against Russia.

The state-run company is scheduled to receive $63 billion of advance payments under long-term crude-supply contracts from 2014 to 2018, mostly from Chinese clients, Andrey Polischuk, an energy analyst at ZAO Raiffeisenbank in Moscow, said by phone today. That covers almost all of Rosneft’s $65 billion in debt, he said, after sanctions announced yesterday limited the producer’s access to U.S. debt markets.

“Rosneft would never have received such generous funding without China,” Polischuk said. “It’s an obvious dependence. There are few other alternatives.”

The most aggressive sanctions yet will prevent Rosneft from accessing U.S. equity or debt markets for new financing with a maturity beyond 90 days. They don’t otherwise prohibit U.S. companies or individuals from doing business with sanctioned Russian firms, which also include gas producer OAO Novatek (NVTK) and OAO Gazprombank.

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