Rosneft ask Russia for help to support $ 42 billion
Rosneft request has been submitted and will be discussed next month, a Russian government official declined to be named said. Rosneft is $ 44 billion debt. In it, $ 12 billion will be paid this year, including loans to TNK-BP’s acquisition last year.
This move shows that the largest companies in Russia are sought alternative sources of foreign credit after the ban of America. Accordingly, the US banks will not be allowed for the company to be punished with a term loan amounts over 90 days. This has led many Russian firms unable to access funds in dollars, Swiss francs or euros over the past month.
Rosneft wants Russian Government supports $ 42 billion. Photo: Russia IC
Rosneft CEO – Igor Sechin has outlined five options to improve the company’s financial, Vedomosti newspaper said yesterday. The measure is the most expensive purchase government bonds Rosneft 1.500 billion rubles, using funds from the National Fund for National Wellbeing Fund.
However, the proposal was an official in the Russian government is impossible, due to smoking too much money from the state treasury. “Rosneft will probably get nothing at all., But their request was entirely understandable,” Andrey Polischuk – Energy experts said at ZAO Raiffeisenbank Xpress Bloomberg.
The Russian government has submitted requests Rosneft measures to minimize risks from Western sanctions. So, “they came up with the most optimistic scenarios, could pay all debts, not being dependent on the United States or China., But in that case, they would need money from Russia,” he said.
Rosneft has been put on the list of American punishment from day 16/7. Before that, Igor Sechin was also American asset freeze and a visa stop. Since the beginning of the year, its shares have fallen 10%.
In a conversation last month, Vice President in charge of Finance of the company said Rosneft would not change the investment plans for sanctions. Since last year, they received $ 26 billion prepayment from customers, mainly the National Petroleum Corporation of China (CNPC). Until 2018, this company could get $ 63 billion more to pay anymore. Meanwhile, the National Wellbeing Fund currently funds only 86.5 billion dollars, most of the approved projects to support other infrastructure.