Rosneft to Cut $9.2B of Debt with Yukos Sale Proceeds

Rosneft has received the first tranche of proceeds as a creditor from the Yukos bankruptcy.

The amount received, 237 billion rubles (equivalent to $9.2 billion), will be utilized in full to retire debt.

Rosneft will continue to reduce debt through integration of recently acquired assets, improved operating performance, enhanced downstream margins, and potential asset sales. The company is targeting a reduction in leverage to 1x Debt/EBITDA and less than 30% gearing by 2010.