Rosneft’s India Venture Nayara Rejigs Debt To Cut Interest Costs


Rosneft’s India Venture Nayara Rejigs Debt To Cut Interest Costs

Russian oil company Rosneft’s Indian venture Nayara Energy, which owns one of the largest refineries in the country, is moving to replace high-interest loans with new debt, part of efforts to reshape its balance sheet and cut borrowing costs, according to three sources familiar with the plan.

The high-interest loans are being refinanced through a mix of both rupee- and dollar-bond issuances, said the sources, who declined to be named as the discussions are private.

Nayara did not respond to a Reuters’ email seeking comment.

Rosneft and its partners – including global trader Trafigura and Russian fund UCP – in August 2017 closed the deal to buy Essar Oil, now known as Nayara Energy, for $12.9 billion. As part of the deal, Nayara inherited $5 billion in high-interest loans. Read More

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