Word: rosneft
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...Navalny's targets have included the oil and gas giant Gazprom, which was previously chaired by Russian President Dmitri Medvedev, and the state-owned oil company Rosneft, whose chairman is Igor Sechin, a Deputy Prime Minister widely seen as Russia's most powerful official after his boss, Prime Minister Vladimir Putin. In 2008, Navalny filed a lawsuit to force Rosneft to reveal information about delivery contracts it had with an obscure Swiss oil trader called Gunvor, whose co-owner is an acquaintance of Putin's. A Moscow arbitration court rejected the suit, saying the company was not obligated by Russian...
...offshore fields in the world. The deal gives Petrobras capital to further develop the field. In return, China will get 100,000 bbl. to 160,000 bbl. a day for more than 20 years. And just before the Brazilian deal, Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's largest oil company, and an additional $10 billion to Transneft, Russia's biggest pipeline company. The loans will be paid off not in cash but in crude--300,000 bbl. a day from the huge east Siberian oil fields. That's about 4% of China's current demand...
There's no question that it's a buyer's market for raw materials and that many resource companies are struggling to find willing partners and financiers. China's Rosneft injection will allow the Russian company to pay off $8.5 billion in debt-- 60% of it owed to foreign banks--that matures this year. Beijing looks like the last, best hope of miners and drillers...
...days before the Brazilian deal, China secured what may be the most strategically significant agreement of all: Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's oil major, and another $10 billion to Transneft, Russia's biggest pipeline company. The loans will be paid off not in cash, but in crude - 300,000 barrels a day from the huge east Siberian oil field. That's about 4% of China's current total demand for crude, secured on very favorable terms. Over the 20-year life of the deal, Beijing will effectively be paying about $20 per barrel...
...There's no question that it's a buyer's market for raw materials, and that many resource companies are struggling to find willing partners and financiers. China's Rosneft injection will allow the Russian company to pay off $8.5 billion in debt - 60% of it owed to foreign banks - that matures this year. Beijing looks like the last, best hope of miners and drillers...