Wednesday, September 10, 2014

Authorities discuss support of “Rosneft” is not due to recapitalization of FNB – BBC

Authorities discuss support of "Rosneft" is not due to recapitalization of FNB – BBC

The Russian authorities are exploring various ways to support the “Rosneft” under Western sanctions, transfers RIA “Novosti» with reference to the three government source familiar with the discussions. It is noted that the option of recapitalization of FNB is not considered.

«Who are discussed fundamentally different ways to support the” Rosneft “non-capital as such,” – said one of the sources in the government.

It is clarified that the Russian authorities consider the capitalization of “Rosneft” and “Gazprom” an extreme measure, which is not yet necessary.

Earlier, the head of “Rosneft” Igor Sechin said that the company is waiting for the government’s decision on the allocation of 1, 5 trillion rubles from the NWF to support the company. According to him, the company plans to develop difficult gas reserves in Eastern Siberia and intends to build a petrochemical plant. Sechin said that the project will be realized if the state will provide the company bond issue. Refusal to grant funds will not have catastrophic consequences, the project will be implemented later, the head of the company in an interview with Spiegel and stressed that “Rosneft” has no problems with the financing of current projects.

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