Russian oil companies owe $ 5 bn to foreign creditors

Aug 07, 1999 02:00 AM

The Russian Fuel and Energy Ministry said in a report to the cabinet that domestic oil companies owed a total of $ 5 billion to non-Russian creditors.
Russian oil firms had racked up $ 5 billion in short- and long-term foreign loans as of July 15, 1999, the report stated.
These companies are due to pay $ 1.1 billion on these loans in the second half of 1999. This amount is equal to 10% of average monthly oil export revenues, the report noted.

Source: NewsBase .
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