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Assets of beleaguered oil major Yukos have been frozen following a request from state-owned oil company Rosneft
Assets of beleaguered oil major Yukos have been frozen following a request from state-owned oil company Rosneft, Rosneft President Sergei Bogdanchikov said Wednesday. "The assets include 20% of [oil major] Sibneft shares owned by Yukos," he said, adding that this marked the end of Rosneft's interest in Sibneft. "We asked for the shares to be frozen to prevent Yukos from selling its assets," Bogdanchikov said. Rosneft wants Yukos to return the $3.5 billion it owes Rosneft, preferably in cash, he said. Bogdanchikov said Rosneft has many debts that have to be repaid. "The company has already repaid half a billion [dollars] this year due to its good performance, and plans to repay a total of $1.1 billion in 2005," Bogdanchikov said. "We do not see any difficulty in streamlining our debt portfolio in the next 18 months." Rosneft's debts should be $4-4.5 billion, Bogdanchikov said. The company is currently saddled with debts of $12 billion. Bogdanchikov said the company would not increase its loan portfolio above its current limit. "But this does not mean that the company will not contribute to other projects," he said. He said Rosneft had recently won a tender to develop an oil deposit, but did not want to increase its debt
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