Skagen said that Surgutneftegas had accumulated about $33 billion on its accounts.
“They can allocate the funds for a new large oil deposit or carry out a deal with Rosneft. Both scenarios would be taken positively,” the report said.
“This supposition is based on rumours that circulate around the fact that Surgutneftegas has money, which means the company can spend it,” he said.
“Possible scenarios of cooperation of the two companies have been discussed for many, many years.”
Rosneft declined to comment.