Source Pravda.Ru

Sibneft posts its debts

The volume of debts of the Sibneft Oil Company will reach $2.2bn by the end of 2002, Richard Creitzman, the company's head of corporate finance division, reported at a telephone conference. At the same time, Creitzman refused to specify Sibneft's net debt. According to him, the volume of the company's debts is expected to remain at the same level in 2003.

Commenting on S&P downgrading the company's ratings and Moody's revising Sibneft's ratings, Senior Vice President of the company Alexander Korsik pointed out that this was due to a lack of information on the privatization of the Slavneft Oil and Gas Company. After Sibneft provides all necessary information, the ratings are likely to be upgraded.

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