Rosneft and Novatek will receive support from the National Welfare Fund this year – Oil and Gas Information Agency

Rosneft and Novatek will receive support from the National Welfare Fund this year – Oil and Gas Information Agency

Moscow. “Rosneft” and Novatek have fallen under Western sanctions and appealed for financial assistance to the Russian authorities will receive funding from the National Welfare Fund (NWF), possibly as early as this year, but in general terms and under the existing projects. This was announced by Finance Minister Anton Siluanov.
Earlier, the head of “Rosneft” Igor Sechin said that the company is waiting for the government’s decision to allocate $ 1.5 trillion rubles from FNB to acquire the company’s bond issue. According to him, the company plans to develop difficult gas reserves in Eastern Siberia and intends to build a petrochemical plant. 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.
Prime Minister Dmitry Medvedev at a meeting with the head and co-owner of Novatek Leonid Michelson promised that the Russian authorities will protect Russian companies, regardless of their form of ownership, and the reasons that they came under sanctions. On Friday, the Minister of Economic Development Alexei Ulyukayev also said that the government will have the financial support had fallen under the sanction of the NWF and businesses at the expense of citizens’ pension savings, if the investment were in jeopardy, however, clarified that it is not only the FEC, but also the financial and defense sectors.
“We discussed this topic (support companies under sanctions from NWF) and agreed on the following. We decided that to 60% of SWFs can be invested in projects, infrastructure projects Rosatom and Russian Direct Investment Fund. Agreed that we can further review the structure of investment and part of the funds provided under the 60%, to redistribute large companies, which today lost the external debt markets. Primarily, this “Rosneft” and NOVATEK “- quoted by RIA Novosti Siluanova.
He added that the Russian authorities are ready to support these companies, but the means of FNB will be provided to them in general terms and on those projects that already exist. It is possible that in the current year.
“If they (” Rosneft “and NOVATEK) completed all the procedures required for the analysis of the projects, the money can get in this year. This is available for projects that are already there, which attracted and Chinese money, and money other investors and shareholders. This is money that we invest to fill shortfall of foreign loans, “- said the Minister of Finance.