MOSCOW, October 24 (RIA Novosti) - TNK-BP [RTS: TNBP] is considering raising $1 billion through bank loans and bonds to balance its debt portfolio, the Russian-British joint oil venture's chief financial officer said Tuesday.
James Owen said TNK-BP was considering raising bank loans and borrowing funds to pay interest on them, and that the company would also consider debt financing instruments, possibly bonds, next year.
TNK-BP was established in 2003 through a merger of Russian oil companies TNK, Sidanko, and Onako and the assets of BP in Russia and Ukraine. TNK-BP extracts oil in West Siberia, the Volga and Urals region, East Siberia and Sakhalin. In 2005, TNK-BP produced more than 75 million metric tons of oil (1,506,164 bbl/d).
