Rosneft to get a $30bn loan to finance TNK-BP takeover

Rosneft CEO Igor Sechin

Russian oil major will get the loan from a syndicate of international banks. $7.5bn from the whole amount will be provided as a long-term financing.

More than 16 banks participate in the deal, Prime News agency reports. Though Prime does not provide their names. Barclays, Citigroup, JP Morgan and VTB Capital are organizing the deal. Deutsche Bank, Bank of America Merrill Lynch and Morgan Stanley are assisting.

To finance the buy out, Russian company needs $45.1bn in cash plus 12.84% Rosneft stake as a compensation for BP.

Company will use own funds to finance the deal. Rosneft and TNK-BP has on its accounts more than $15bn, in the form of cash, cash equivalents, and short-term financial investments, Slon.ru reports.

Last week Rosneft and BP signed an agreement on the acquisition of 50% stake of TNK-BP. The agreement with AAR, the other participant of the joint venture, will soon come about. Rosneft plans to complete both deals by July 2013.

Christophe Bonduelle: Russia is a true success story for us

Photo: Barbara Grossman 

The President of the French family-run Bonduelle Groupe talked to Vedomosti about his company's way in Russia:

"We believed in Russia very rapidly".

"It is a market of growth, although there is no demographic growth here... This market is very dynamic".

"It is easier to find qualified employees here - engineers, people with manufacturing skills...".

"We have been investing in Russia for a long time: in terms of commerce - for almost 20 years, in terms of manufacturing - for 10 years".

"We did not leave Russia even in very difficult circumstances" [1998 crisis].

"Russia is #1 in terms of Bonduelle preserves sales".

"Our brand in Russia is very well-known. This enabled us to win the markets of Belorussia, Armenia, all the countries of CIS...".

"I had several meetings with Alexander Tkatchev [Krasnodarsky region governor]... I would give an advice for everybody who wants to establish business there - not to come as an imperialist, negotiate with regional authorities and not even try to touch "bad" things".