Russ Oil-Gas

Feb 13 (Interfax) - Russian oil company has reached an agreement with Societe Generale according to which a claim against OAO Yuganskneftegaz over guarantees on debt on a credit to Yukos of $1 billion will be regulated no later than April 30 this year, according to the Rosneft U.S. GAAP report for the first nine months of 2005. According to the report, the unpaid debt on the principal of the credit amounted to $455.124 million on September 30, 2005. The estimated loss arising from the implementation of this agreement is reflected in the company's report. According to the report, the bank's claim may be regulated by offering the creditors acceptable proof of the regulation of Yuganskneftegaz tax debt for 2004, which should not exceed a set limit. Societe Generale's claim on another credit to Yukos, for $1.6 billion, also guaranteed by Yuganskneftegaz, should be regulated by June 30, 2006. Rosneft hopes to provide the creditors with acceptable proof of the regulation of Yuganskneftegaz tax debt for the periods prior to 2004. The company's management believed that these conditions will be met," the report said. In the third quarter 2005 Rosneft received approval from creditors to exempt the company from liabilities arising from the violation of conditions, and also changes in the conditions of covenants, taking the new changes in the company's structure and the scale of its activities into consideration. Rosneft subsidiary OAO Yuganskneftegaz acted as guarantor for Yukos (RTS: YUKO) for a pre-export credit of $1 billion provided by Western banks headed by Societe Generale, and also for a pre-export credit of $1.6 billion provided by one of the structures in Menatep Group. The total unpaid debt on the two pre-export credit amounted to about $1.1 billion on September 30, 2005.