Energy Co. Rosneft Borrows $9.7B From Its Own TNK-BP

Law360, New York (March 26, 2013, 12:24 PM EDT) -- OAO Rosneft has secured board approval to receive $9.7 billion in loans from TNK-BP Ltd. to partially refinance its $55 billion purchase Thursday of the energy joint venture, the Russian oil and gas giant said Tuesday.

The energy titan's board approved two loans of roughly 150 billion Russian rubles ($4.85 billion) each from TNK-BP, according to a stock exchange filing by Rosneft. The oil and gas venture has mammoth cash holdings, and Rosneft said the move would provide it with additional available liquidity.

Rosneft had to...
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