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Rosneft CEO rejects rumors of company’s role in ruble slump

December 16, 2014, 16:05 UTC+3 GORKI
Russian oil major Rosneft will not take any loans in the national currency in the current situation, CEO Igor Sechin said
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Rosneft CEO Igor Sechin

Rosneft CEO Igor Sechin

© ITAR-TASS/Ruslan Shamukov

GORKI, December 16. /TASS/. Russian oil major Rosneft CEO Igor Sechin on Tuesday rejected as a provocation the rumors of the company’s role in the domestic currency market collapse.

“As for the rumors disseminated about Rosneft’s involvement in the currency market collapse — these rumors are a provocation and in reality the company is participating positively in the currency system stabilization,” Sechin said.

“Over the past nine months of this year, the company has generated about $118 billion in revenues and sold $75 billion out of this on the Russian market,” Sechin said. “This figure is considerably higher than last year’s sales result, which amounted to about $60 billion,” Sechin said.

Russian oil major Rosneft has not converted its ruble borrowings into hard cash yet and most probably it will not take any loans in the national currency in the current situation, Sechin, told the media on Tuesday.

“None of the plans for drawing ruble loans envisage their conversion into hard currencies. Neither the company’s plans, not the corresponding agreements with the banks involved envisage this possibility,” Sechin said.

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