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Russian oil companies will not be compensated for production loss

December 07, 2016, 12:47 UTC+3
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MOSCOW, December 7. /TASS/. Russia’s oil companies will not be compensated for the decline in production, according to Kremlin spokesman Dmitry Peskov.

"The issue of any compensation has not been raised," he said Wednesday as he commented the results of President Putin’s meeting with heads of local oil producers. "On the whole the oil price hike as a result of assumed measures (on oil production cut), a $5 increase brings certain extra yields both to the country’s budget and to oil companies themselves," Peskov added.

He also said that "President has personally agreed the issue of production cap with all leading oil companies." "President personally made the decision on the base of the consensus reached with heads of those oil firms," he added.

On December 2, Lukoil Vice President Leonid Fedun said that the company expects the Russian government to pay compensations to major oil companies due to the oil production cut.

"We still expect that there should be a special regulatory document, a government decree, which will assign tasks for each oil producer, maybe some compensatory measures. Since freezing of oil production requires certain costs, we dare to hope there will be some kind of compensation for companies," he said. According to Fedun, Lukoil is ready to comply with any decision on production cap as "this is right and economically sound for the country," though "it will take at least one quarter" for the company to enforce it.

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