Rosneft in no rush to sell assets: CFO

Mon Jun 3, 2013 1:33pm EDT
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By Melissa Akin and Sophie Sassard

MOSCOW/LONDON (Reuters) - Russia's Rosneft (ROSN.MM: Quote) is under no pressure to sell assets to fund debt repayments and will decide how to streamline its business once cost savings from a takeover of rival TNK-BP become clear, its finance chief said on Monday.

Announcing Rosneft's (ROSN.MM: Quote) $55 billion takeover of rival TNK-BP last year, Chief Executive Igor Sechin said the state-controlled oil major would look to sell non-core and less profitable assets.

Bankers who helped finance the buyout said they were led to expect payback in the form of mandates for up to $15 billion in disposals that could include producing oilfields in West Siberia, sources familiar with the matter said last week.

"We are not moving as some expected us to move. We are moving at our own pace... We are also going through a very thorough synergy analysis and one needs to be patient," Rosneft's Chief Financial Officer, Svyatoslav Slavinsky, said in a telephone interview.

He said banks would be hired to manage the disposals "in due course", and played down any suggestion that Rosneft had a preferred banking partner.

Slavinsky served as head of corporate and investment banking at Citi in Moscow before moving to Rosneft in March.

Rosneft raised debt of $16.8 billion in 2012 and $13 billion earlier this year to finance the TNK-BP deal, using banks including Bank of America Merrill Lynch (BAC.N: Quote), Barclays (BARC.L: Quote), BNP Paribas (BNPP.PA: Quote), Citi (C.N: Quote), Credit Agricole (CAGR.PA: Quote), JP Morgan (JPM.N: Quote), Mizuho, Societe Generale (SOGN.PA: Quote) and UniCredit (CRDI.MI: Quote).


The logo of Russia's top crude producer Rosneft is seen at the company's headquarters, behind the Kremlin wall, in central Moscow May 27, 2013. REUTERS/Sergei Karpukhin