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Russia’s Gazprom Neft selling over 50% of foreign currency revenue — media

December 26, 2014, 14:06 UTC+3 MOSCOW
Russia's government has sent an order to the largest country’s exporters Gazprom, Rosneft, ALROSA, Zarubezhneft and Kristall diamond cutter to swap part of their revenue for rubles
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©  ITAR-TASS/Stanislav Krasilnikov

MOSCOW, December 26. /TASS/. Russian oil company Gazprom Neft is selling more than 50% of its foreign currency revenue and has no large foreign currency war chest, CEO Alexander Dyukov said Friday in an interview to Rossiya 24 channel.

“We are selling more than 50% of our foreign currency revenue anyway, it is hard for me to speak about other exporters. But I think that the central bank has enough instruments to influence the ruble rate and that this measure is excessive, but the central bank is the one who decides,” Dyukov said.

Earlier this week, the government has sent an order to the largest country’s exporters Gazprom, Rosneft, ALROSA, Zarubezhneft and Kristall diamond cutter to swap part of their revenue for rubles and to have their net foreign currency assets at October 1 levels by March 1.

Gazprom Neft expects 2014 net profit flat on year

Dyukov also said Gazprom Neft expects its net profit to remain flat on the year in 2014.

In 2013, the company’s net profit increased 0.9% on the year to 177.917 billion rubles ($5.4 billion) while revenue decreased 1% to 1.504 trillion rubles ($45.5 billion) as calculated under International Financial Reporting Standards (IFRS).

Dyukov said the company included the oil price of $60 per barrel into its budget for January next year and it also did not rule out the price might fall to $40-50 per barrel.

“The current situation is rather turbulent, so we’ve switched to monthly planning. Speaking about January, we use the oil price of $60 per barrel in our forecasts,” he said, pointing out that Russia’s oil sector has a sufficient margin of safety.

Gazprom Neft, just like other sanctioned Russian oil and gas companies, is in no dire need for borrowings, he added.

“Currently, our company has no dire need to borrow money. We have a sufficient cash flow of our own funds, which we channel into the implementation of our investment projects.”

He also said the company would like to use ruble settlements in its contracts more widely. “We continue carrying some shipments and supplies for yuans. We also have contracts in rubles…Speaking about expanding this practice - we would like to start using ruble settlements more widely after we hold consultations with the central bank.”.

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