Rosneft Largest Beneficiary of Ruble Weakening as Debt Decreased - Top Manager

MOSCOW (Pakistan Point News / Sputnik - 15th May, 2020) Rosneft is the largest beneficiary of the current ruble depreciation; as it positively affected the company's debt, Andrei Baranov, the director of Rosneft's investor relations department, said on Friday during a phone conference.

"On the issue of the impact of the ruble devaluation on debt reduction, I would like to start by saying that the company has the most balanced net debt and total debt, 50 percent of our total debt is in foreign Currency, 50 percent in rubles. And having 50 percent as if in a weaker currency, yes, we paid a slightly higher interest rate, but in the first quarter, as a result of devaluation, weakening of the ruble to 77 rubles,our ruble-denominated debt was down by more than 20 percent," Baranov said.

"If you count, it will be more than $4 billion, less than $5 billion ... Among all the largest Russian exporters, Rosneft has the largest share of ruble-denominated debt. Accordingly, we are the largest beneficiaries of the current depreciation of the ruble," he noted.