Company news in September 2004 | |||
Rusia Petroleum to become TNK-BP’s Debtor
The Board of Directors of Rusia Petroleum OJSC (a holder of license for the Kovykta gas and condensate field development) has approved of raising a loan from the company’s major shareholder – TNK-BP. The company does not cite the exact loan amount; however, according to unofficial information, Rusia Petroleum is going to borrow RUR 1.49 billion from TNK-BP. Rusia Petroleum is to spend borrowed funds on three groups of work – to finalize geological prospecting of the Khandin section; to drill wells that will enable to adjust gas extraction ratio; and to start preparation for regional project for the Irkutsk Region gasification. Earlier, operations of Rusia Petroleum OJSC were funded by placement of additional share issues. However, Interros Holding blocked the decision as to additional share issues at the general annual meeting of shareholders on June 4.
Source: Kommersant