11 June 2004 00:44
Slavneft to replenish working capital with credits
MOSCOW. June 11 (Interfax) - Russian oil company Slavneft plans to attract credits of up to 5 billion rubles to
replenish working capital.
The company said in a statement that at their annual meeting on June 30 shareholders will receive a proposal to
approve deals to be carried out in the period up to the next AGM in 2005.
Slavneft also plans to pay out loans of 1.9 billion rubles in this period.
In accordance with the company's production-economic plan for 2004- 2005 Slavneft needs to provide targeted
financing for investment programs over which the company has direct or indirect control, amounting to a total of 6.1
billion rubles.
Slavneft received short-term credits at the end of 2003: Citibank -
$30 million, ABN Amro - $50 million and Eurofinance-Mosnarbank - 607
In particular, the company plans to invest 1.87 billion rubles companies involved in production and geological
exploration activity and 4.23 billion rubles in companies involved in refining.
At the end of 2003 the Slavneft credit burden amounted to 4.96 billion rubles.
Throughout 2003 Slavneft paid back credits to Citibank - $100 million, Rosbank - $50 million, Alfa Bank - $50
million, Eurofinance - $30 million and MDM-Bank - $25 million ahead of schedule. In addition, last year the company
repaid an investment credit to Bayerische Landesbank of 22.1 million euros and a credit from ABN Amro of $180 million.
In 2003 Slavneft also bought back part of its second bond issue in the amount of 591.4 million rubles ahead of
schedule.
million rubles. [RU ASIA EUROPE EEU EMRG CORA ENR BNK LOA WEU GB NL FR] rd RTS$#&:
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