Gazprom, Rosneft will repay credits regardless of oil price - Sechin
The level of oil prices won't impact
Gazprom (RTS: GAZP) and Rosneft (RTS: ROSN) companies' ability to honor
their obligations to foreign creditors, Russian Deputy Prime Minister
Igor Sechin, has said.
Sechin is leader of a Russian delegation to a regular session of
the Organization of the Petroleum Exporting Countries (OPEC).
"The level of prices for oil actually does not affect our
companies' ability to repay their debts," Sechin told journalists at an
OPEC session in Vienna on Sunday, which Russia attends as an observer.
Gazprom is to repay $3.7 billion in debts on credits in 2009, and
Rosneft $3.1 billion by 2012, Sechin said.
The Russian deputy prime minister acknowledged that the largest
Russian producers of hydrocarbons are concerned about the level of
prices on the world markets. "The level of prices must guarantee the
return of the resources put into the development of new fields," he
Sechin said that a larger part of the oil companies' investment is
being spent on supporting extraction. If the drop in prices leads to a
reduction in extraction, at the next stage this will lead to cuts in
supplies to the market and, as a consequence, to a rise in prices for
oil, he said.
"It is a two-way street. Both consumers and producers must
coordinate their moves," Sechin said. – Interfax.com