Rosneft has fully redeemed the second tranche of the short-term loan that was raised by the company in early 2007 to finance the purchase of new assets, the Russian oil company's press office reported today according to RBC. The $5.2bn tranche was paid off with a syndicated $3bn loan, taken out from a group of international banks, as well as with the company's own funds.
Rosneft has currently refinanced or paid off $5.6bn out of $5.8bn worth of its short-term liabilities for the first quarter of 2008, $2.6bn of which was redeemed by means of the company's free cash flow. Rosneft intends to pay off the remaining $190m from its own funds in Q1 2008.