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Russia’s Rosneft may receive about $14 billion net profit in 2014-CEO

September 01, 2014, 14:38 UTC+3 FRANKFURT
Speaking about the company’s plans, Sechin said that Rosneft will invest $400 billion in its Arctic projects, which it implements jointly with ExxonMobil, till 2030
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© EPA/YURI KOCHETKOV

FRANKFURT, September 01. /ITAR-TASS/. Russian oil major Rosneft may receive $13.5 billion of net profit in 2014, CEO Igor Sechin said in interview with Germany’s Spiegel seen by ITAR-TASS on August 31.

In 2013, the company’s net profit rose 51% to 551 billion rubles, as calculated under International Financial Reporting Standards.

Sechin said separately that the company needs money from the National Wealth Fund to finance development of hard-to-recover gas resources in East Siberia and build an oil refinery there. The company recently asked the government to provide it with 1.5 trillion rubles from the fund via a purchase of its new bonds.

“If the government grant us a bond-secured loan… it will be very good. If it does not do that, then it won’t be a catastrophe for us. We will just start implementing these projects later. Rosneft has no problems with financing its current projects,” he said.

Speaking about the company’s plans, Sechin said that Rosneft will invest $400 billion in its Arctic projects, which it implements jointly with ExxonMobil, till 2030.

“…We plan to open a new oil province (in the Kara Sea), the reserves of which will be comparable with explored reserves of Saudi Arabia. Until 2030, we (Rosneft) plan to invest $400 billion in the Arctic,” Sechin said.

Rosneft and ExxonMobil started drilling in the Kara Sea in early August. The US company said in June that it will significantly raise its investments into the development of Arctic fields if any oil and gas reserves are discovered there.

Rosneft may develop its existing resources within 20 years, Sechin said. “The current resource base of the company allows it to work over 20 years. As for technologies whose supplies were hit by sanctions, they are needed to develop hard-to-recover reserves in the future,” Sechin said.

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