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MINSK, Aug 26 (Reuters) - Russia may provide some statesupport for sanctions-hit oil producer Rosneft, butsignificantly less than it has asked for, Economy MinisterAlexei Ulyukayev said on Tuesday .
Rosneft head Igor Sechin has asked for 1.5 trillion roubles($41.5 billion) from the National Wealth Fund to help thecompany weather western sanctions against Moscow in the Ukrainecrisis, Vedomosti newspaper reported earlier this month.
"There are some options for the support but the sums' orderof magnitude is less than that," Ulyukayev told reporters.
Rosneft is facing a debt refinancing challenge as its accessto Western capital is limited by the sanctions.
The company needs to repay 440 billion roubles ($12 billion)by year-end and another 626 billion roubles ($17 billion) nextyear, according to its latest presentation, after it borrowedheavily to finance last year's $55 billion acquisition ofAnglo-Russian oil firm TNK-BP.
"The company is having a problem of lack of financing fromthe global markets. I have discussed the problem with thecompany's management," Ulyukayev said.
Analysts have been concerned about Rosneft's ability toattract funds as costs of borrowing have risen for Russiancompanies after Moscow annexed the Crimean peninsula fromUkraine in March.
But Moody's said that Rosneft has taken steps to mitigaterefinancing risks by signing an oil contract with China's CNPC.In June 2013, Rosneft and CNPC agreed to double oil flows toChina to 600,000 barrels per day in a $270 billion deal between2018 and 2037, with partial pre-payments. (1 US dollar = 36.1480 Russian rouble) (Reporting by Alexei Anishchuk; writing by Vladimir Soldatkin;Editing by Mark Trevelyan)