Moscow. OAO NK RussNeft, one of the top ten major Russian oil companies, will pay off $800 million more of the debt by the end of the year, Mikhail Gutseriev, the founder and a major owner of RussNeft, announced to mass media on Wednesday.
“We have settled $1.5 billion and we will settle $800 million more before the end of the year out of profit, by means of reduction of the production costs and capital investments, and through commissioning of high-productive wells”, Gutseriev said.
Mr. Gutseriev had previously stated that in 2012 the Company intended to reduce its debt, which was around $5 billion by the beginning of the year, by $600 million. RussNeft had reduced the debt by 15% from $6.2 billion during 2011.
