Russia considers Rosneft request for help from state fund
Reuters
Published Sep 16, 2014 03:35AM ET
Updated Sep 16, 2014 04:00AM ET
Russia considers Rosneft request for help from state fund
By Darya Korsunskaya MOSCOW (Reuters) - Sanctions-hit oil company Rosneft (MM:ROSN) will be able to apply for money from a state wealth fund, Deputy Prime Minister Arkady Dvorkovich said on Tuesday, adding that the government had "on the whole" approved the company's investment program.
Rosneft's access to Western money has been restricted by the sanctions imposed in response to Moscow's role in the Ukrainian conflict. Rosneft has asked the government for $42 billion support from a fund earmarked for Russian pensions to help it weather the sanctions.
Dvorkovich said that Rosneft had yet to apply formally for help from the National Wealth Fund and that it must define the projects for which it needs money from the fund.
"Everyone has the right to apply to the Economy Ministry and to define its projects (for help from the fund). Rosneft has not applied to us about such projects. There have been only general proposals," he said.
"We will look at (Rosneft's request) seriously," he said.
Last year, Rosneft's Chief Executive Igor Sechin said Rosneft needed $0.5 trillion to develop Russian Arctic fields. Analysts from Merrill Lynch said the Arctic program had long been seen as one of the bright spots of Russia's future economic development.
Dvorkovich declined to reveal the details of Rosneft's investment program, which stood at around 600 billion roubles ($15.5 billion) in 2013 and which had been expected to rise to 730 billion roubles for 2014.
"Rosneft's investment program was discussed during prime minister's meeting. On the whole, it was approved. There are some nuances on timing of the program," Dvorkovich said.
(Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin, editing by Thomas Grove and Jane Merriman)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.