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Rosneft, which has the largest share of ruble-denominated debt among Russian exporters, has optimized its debt portfolio due to changes in the foreign exchange market, Andrei Baranov, the director of Rosneft’s investor relations department, said on Friday during a phone conference.
“Rosneft has a balanced debt portfolio, 50 percent of which is ruble-denominated. Having a significant part of the debt in softer currency, the company was able to significantly reduce part of the debt as a result of changes in the foreign exchange market in the first quarter”, Baranov said.
According to the top manager, the company’s debt reduced by about 20 percent, or more than $4 billion. Rosneft considers its net and total debts to be as balanced as possible, he said.
The company said on Friday that its financial debt and trade obligations had been down $9 billion, or 11 percent, in the first quarter of 2020.
On 12 May, the company’s spokesperson said that oil from Arctic project Vostok Oil on the Taymyr Peninsula, the development of which started earlier in the day, is expected to be sold at a significant premium in the future.
