Sechin was asked to justify the request for allocation of 1.5 trillion rubles. – RBC

Sechin was asked to justify the request for allocation of 1.5 trillion rubles. – RBC

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«Rosneft», which has requested financial assistance from the government is mandated to justify their need for money.

Last week it became known that the president of “Rosneft” Igor Sechin applied for financial assistance from the government (this is the first reported by the newspaper “Vedomosti”). He suggested several ways to support, one of which – the redemption by the National Welfare Fund (NWF) new bonds “Rosneft” to 1.5 trillion rubles.

The appeal to support the “Rosneft” Sechin a few weeks ago to the Prime Minister Dmitry Medvedev, told RBC official familiar with the discussions on this issue in the government (Medvedev’s press secretary Natalia Timakov on request RBC yesterday did not respond ). The Prime Minister has agreed to consider the issue after the company together with the government to prepare a complete solution. Seized was instructed Deputy Prime Minister Arkady Dvorkovich, who oversees the government FEC. On Wednesday evening, he held a meeting on the proposals of “Rosneft”, told RBC several sources in the government.

In the course of this meeting to all concerned departments were instructed to study the proposals presented by the company, and most of “Rosneft” – to provide additional payments to its proposals, said RBC representative Dvorkovich Alia Samigullina. Among these proposals and request for 1.5 trillion rubles., Said a source close to one of the participants. Sechin was invited to further substantiate the idea to support the company’s liquidity, another interviewee confirms RBC, who was present at the meeting, Dvorkovich.

The deadline for preparing such calculations Samigullina not specified: the report on the meeting is not yet ready. The representative of “Rosneft” declined to comment whether the company is ready to provide a justification for their financial needs, and in what time frame.

According to the report of “Rosneft” in II quarter of IFRS, its financial liquid assets (deposits, cash and cash equivalents, and others.) Have reached 684 billion rubles. – This amount covers two-thirds of the debts that the company must repay in the next year and a half. Remaining debt “Rosneft” will be covered by own funds which are generated during this period, says a senior analyst “Uralsib Capital” Alexei Kokin.

Timothy Dzyadko Peter Netreba

August 20, 2014