Rosneft seeks $US45bn debt relief

By AFP

The Vedomosti business daily broke the news that Rosneft chief Igor Sechin had written a letter to the cabinet outlining five ways it could help the company repay nearly $US45 billion ($48. 7bn).

Rosneft now pumps 40 per cent of Russia's oil and is tasked with helping Putin transform the Arctic into a new Middle East for energy resources that the Kremlin could use to help dominate global affairs over the coming century.

Putin helped Sechin - viewed as one of the Kremlin chief's closest confidents - build Rosneft into the world's biggest publically-traded oil producer through the $54-billion takeover of the TNK-BP joint venture in 2013.

Washington's measures prevent Rosneft and Novatek - a private gas firm overseen by several other close Putin allies - as well as two state-held banks from raising anything but short-term debt that matures within 90 days on the US market.

Read more here: Business Spectator

    

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