MOSCOW, March 26 The board of Russia's top crude
producer, Rosneft, has approved several five-year
loans with total value of up to $9.7 billion from TNK-BP
, the company it acquired last week, Rosneft said in
regulatory filing on Tuesday.
Rosneft, which had to borrow around $40 billion to acquire
TNK-BP, said the board approved several loans of 152 billion
roubles ($4.92 billion) and $4.8 billion.
Sources close to the deal had said that it would be possible
for Rosneft to refinance part of the cost of the takeover by
tapping cash balances accumulated at the highly-profitable
Moscow-traded shares of TNK-BP Holding, the traded unit of
TNK-BP, fell almost 20 percent on the news to 38.26 roubles, a
new historic low. Rosneft has so far ruled out making a buyout
offer to minorities. Shares in Rosneft were down 0.1 percent.