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Lukoil plans to repay around $2 bln of loans in 2018

Логотип TASS TASS 14.06.2017 TASS

MOSCOW, June 14. /TASS/. Lukoil managed to refinance $3 bln of loans due in 2018, now the company has to repay around $2 bln, the company’s First Vice President Alexander Matytsyn told reporters.

"As for our peak year of 2018, we currently have approximately $2.1 bln to repay. The need for serious payments should not be an obstacle to our ambitious investment, operating and dividend programs," he said.

Matytsyn also noted that this year Lukoil repaid Eurobonds for $500 mln on schedule.

"In addition, we have repaid a loan of 70 bln rubles ($1.23 bln) since the beginning of the year and raised a loan for $1 bln. Thus, we have essentially replaced a loan in ruble to a dollar one due to the volatility of the ruble exchange rate and thus reduced the interest rate. It is all part of optimizing the loan portfolio," he added.

Matytsyn also said that the company does not plan to place Eurobonds, as it has funds from selling a non-core diamond asset. In addition, the company does not plan to redeem Eurobonds ahead of schedule.

Lukoil’s projects in West Africa

Lukoil’s projects in West Africa await an investment decision because of volatility on the oil market, he went on.

"We are optimizing the portfolio of our overseas projects. We are making investments into attractive projects. Other projects are at a stage of reviewing jointly with project operators, particularly in West Africa. We have not withdrawn from them; they are at a waiting stage. Nigeria, Cameroon, and Ghana - all these projects are at the stage of waiting for the final investment decision," the top manager said.

Lukoil made a significant cut in overseas projects, Matytsyn said. "This is because the Russian oil producing business turned out to be much more stable and not susceptible to fluctuations in oil prices. Operations in other jurisdictions are more exposed to oil price fluctuations. Many companies, not only our one, postpone or cut such projects," he said.

Lukoil continues its project in Romania, the top manager said. "Exploration in Romania continues. We received new data; they will probably give us new vision," he said.

The Russian oil major does not plan any action in respect of European refineries, Matytsyn said. "The market situation of the European refining has lately improved significantly. We do not consider any strategic action so far," he added.

ITAR-TASS

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