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No option to give about $41.5 billion funds to Rosneft — Russian minister

August 26, 2014, 17:33 UTC+3 MINSK
On August 14, business daily Vedomosti reported that Rosneft CEO Igor Sechin asked the government for financial aid attributing the need to sanctions imposed by the U.S. against the company
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Headquarters of the Rosneft oil company with its logo seen through the walls of Moscow Kremlin

Headquarters of the Rosneft oil company with its logo seen through the walls of Moscow Kremlin

© AP Photo/Ivan Sekretarev

MINSK, August 26. /ITAR-TASS/. Russia’s Economic Development Ministry sees no opportunity to provide 1.5 trillion rubles ($41.5 billion) from the National Welfare Fund to state-run oil major Rosneft, Minister Alexei Ulyukayev told reporters Tuesday.

On August 14, business daily Vedomosti reported that Rosneft CEO Igor Sechin asked the government for financial aid attributing the need to sanctions imposed by the U.S. against the company. Sechin suggested that the wealth fund should purchase 1.5 trillion rubles of new Rosneft bonds, as one of the options.

“The sum of 1.5 trillion (rubles) is virtual,” Sechin said, adding that he has discussed an issue of replacing global markets’ financing with the company’s management. “There are options for supporting (Rosneft), but (those) figures are next smaller,” he said.

The company’s total debt amounts to 2.2 trillion rubles ($60.8 billion). However, it lately received a $17 billion prepayment for oil supplies to China, while the total sum will amount to $70 billion.

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