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14 Oct, 2008 03:20

Russian Government stumps up for energy refinancing

Russian Government stumps up for energy refinancing

Russia is ready to support its energy giants – as a part of its financial bailout strategy. The government has responded to a request from Rosneft, Gazprom, Lukoil and TNK-BP for funds to refinance their foreign debts.

Deputy Prime Minister, and CEO of Rosneft, Igor Sechin, has met the heads of oil and gas giants and promised $9 Billion would be earmarked from Vneshekonombank.

Rosneft alone will receive $4.2 billion to cover its $21 billion debt.  Gazprom was offered a Billion, TNK-BP around $1.8 Billion, and Lukoil is in line for $2 Billion.

Earlier, oil companies were given tax concessions estimated at $5.5 Billion.