The second risk is related to leverage. Rosneft is paying $28 billion in cash to the oligarchs for their 50% stake in TNK-BP and $12.5 billion in cash to BP. In part this will be funded by its own resources and by closing deals for about $10 billion for long-term supply contracts from oil traders. Rosneft will also issue $10 billion of bonds and will use its bank loan lines. Rosneft's net debt will be about 2 times EBITDA and it will be the highest geared oil super-major. Even if I believe debt is fully payable we must keep an eye on how things develop going forward.