“Rosneft”, which has asked the government unprecedented financial assistance in the amount of 1.5 trillion rubles from the National Welfare Fund, by the middle of this year, has accumulated in their accounts more than 20 billion dollars (684 billion rubles).
More than half of this amount, the company keeps on dollar deposits and earns a percentage.
Last week, the president of “Rosneft” Igor Sechin suggested that the Government are five ways to support the company, the most expensive of which – the redemption by the National Welfare Fund (NWF) new bonds “Rosneft” to 1.5 trillion rubles. RBC analyzed as critical for “Rosneft” government support.
Having the status of the world’s largest public oil company “Rosneft” at the same time has become one of Russia’s largest debtors. According to statements of the company for the second quarter of 2014 in accordance with IFRS at the end of the first half of its total debt amounted to 2.179 trillion rubles.
The Queen of the company will be the next year and a half: the end of this year, “Rosneft” should return to creditors 440 billion rubles, in 2015 – another 626 billion. During the first half of 2014 the company paid to Russian and foreign creditors 350 billion rubles.
But despite the billions of dollars in the next payment, the financial position of “Rosneft” does not look menacing, its cash at the end of half-year amounted to 142 billion rubles. In the first half, the company has grown more than three times the volume of deposits – from 131 to 437 billion rubles. Much of this is on the dollar bills. According to him the company receives interest income (rates vary from 0.45 to 4% per annum). In addition to the deposit company puts money in stocks, government and corporate bonds, etc.
The financial reserve of the middle of the year amounted to 684 billion rubles. This amount covers two-thirds of the company needs to refinance over the next year and a half.
The main source of replenishment of financial reserves – advance payment for future oil supplies. Last year, the company signed an agreement with China’s CNPC to supply 365 million tons of oil for 25 years. Under this contract, the company may receive a deposit of a total of 70 billion dollars. The company is actively using this feature. According to the report, in the first half of the year it received 431 billion rubles prepayment.
CNPC is not the only contractor who pays forward. Such agreement is with the British BP. In July 2014, “Rosneft” has received from her partner as a prepayment for oil 1.9 billion dollars (66 billion rubles).
U “Rosneft” has arisen not so much need, but also the desire to optimize its debt portfolio, said Alexei Kokin of “Uralsib Capital.” Seeing that the State favorably to companies that are considered to be victims of the sanctions , “Rosneft” has decided to recall that she also suffered (US sanctions prohibit the company’s loans more than 90 days), and stood in line for benefits and privileges.
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