Russian oil major LUKOIL said on Wednesday that it had used the proceeds from a recent $1 billion eurobond issue to refinance part of a $1.9 billion syndicated loan raised in Dec. 2005.

LUKOIL said in a statement that the refinancing would more than halve the debt burden that falls due in Dec. 2008 and had extended the maturity of its debt portfolio to 6-1/2 years from four years.