Russia's largest independent crude producer, which is 17% owned by U.S. giant ConocoPhillips, Wednesday released its U.S. GAAP Q1 consolidated financial statements.
Short-term borrowings and the current portion of long-term debt increased 44.3% in the reporting period to $1.23 billion, LUKoil said.
Long-term loans and borrowings are largely due to mature in 2006 through 2017. About one third of this debt is secured by export sales, and property, plant and equipment. The average weighted interest rate on long-term loans and borrowings was 6.07% and 5.82% per annum as of March 31, 2006 and December 31, 2005, respectively.
LUKoil, which has charter capital of 21.26 million rubles (about $787,407), said its receivables had dropped 50% in the first quarter of 2006, year on year, to $329 million.
