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Rosneft oil giant to sell $3 billion worth 10-year bonds

Rosneft oil giant to sell $3 billion worth 10-year bonds

PanARMENIAN.Net - Russia's state-controlled oil giant Rosneft plans to sell 10-year bonds worth 90 billion rubles ($3 billion) to finance capital expenditure, the company said on Thursday, April 26, RIA Novosti reported.

“The Board decided on the placement of ruble bonds. The series 04-10 non-convertible interest-bearing documentary bearer bonds with mandatory centralized custody are worth a total of 90 billion rubles. They expire 3,640 days after placement,” Rosneft said.

The bonds offer an option for early repayment and will be placed for public subscription.

Rosneft has said it plans to boost capital expenditure in 2012 by 17 percent to $15.5 billion. In 2011, Rosneft’s capital expenditures to US GAAP rose 48.3 percent to $13.246 billion.

On Wednesday, Rosneft signed a strategic partnership agreement with Italy’s Eni to jointly develop Black Sea and Barents Sea offshore deposits. The companies intend to invest $70 billion in developing Barents Sea offshore deposits and $55 billion in Black Sea offshore production.

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