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Attraction of FNB funds is uncritical for Rosneft - Sechin
The attraction of funds from the National Wealth Fund (NWF) is not critical for Rosneft, said today the company's president Igor Sechin.
“Raising funds from the NWF is neither critical nor dramatic for us. But due to the fact that there are certain financial constraints, we turned to the government. We proceeded from the fact that the budget efficiency of Rosneft for Russia is very high, and we can participate working with the funds of the NWF, "Sechin said.
According to him, the application of Rosneft was supported by the Ministry of Energy, and the Minister of Finance of the Russian Federation Alexei Ulyukayev also "does not exclude the possibility of allocating funds. The company itself, according to its head, is calmly awaiting a decision. "There will be additional funds - there will be additional projects, there will be no additional funds - we will cope on our own, as we do every day," Sechin added.
Speaking about the desired amount of funds, Sechin noted that "the company will spend 1,5-2 trillion rubles calmly." Considering the company's projects in the Far East, this amount does not look overstated.
Earlier, Finance Minister Anton Siluanov said that Rosneft expects to receive from the NWF about 2 trillion rubles for the development of its projects. Later, the media reported that Rosneft's bid had increased to 2,4 trillion rubles.
According to the Ministry of Finance, as of October 1, 2014, the total volume of the National Wealth Fund amounted to 3 trillion 276,79 billion rubles, which is equivalent to 83,2 billion dollars. Thus, Rosneft's application for assistance, if satisfied, would amount to substantially more than half of the total volume of the NWF.
Russian Energy Minister Alexander Novak said on November 9 that he considers it appropriate to allocate funds from the National Welfare Fund (NWF) for Rosneft.
"I believe that securities of oil companies such as Rosneft are quite profitable bonds that can be a source of indexation of funds," he said on the sidelines of the APEC Business Summit.
According to Novak, Rosneft, as a global company, will cope if these funds are not allocated, "but from the point of view of state aid and mutual benefit, it seems to me that this would also be of mutual interest."
Earlier, the Minister of Economic Development of the Russian Federation Alexei Ulyukaev expressed the opinion that Rosneft can solve its problems and implement projects without attracting state support, including funds from the NWF. “I believe that, of course, Rosneft, being a first-class oil company and an active market player, has the ability to cope with its problems without the help of the state,” the minister said.