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Rosneft, NOVATEK may receive state assistance for current project - Finance Minister

The two companies had asked the government for financial support to replace foreign debt sources

MILANO, September 13. /ITAR-TASS/. Rosneft and NOVATEK may receive state support from the Russian National Wellbeing Fund for current projects, Russia’s Finance Minister Anton Siluanov told reporters on Saturday.

“We have agreed to review the investment structure, and a part of the money from the 60-percent part to distribute among major companies, which now have lost foreign markets of borrowings,” he said. “Those are first of all Rosneft and NOVATEK.”

The two companies had asked the government for financial support to replace foreign debt sources.

The government decided not to use the remaining 60% of the Fund, he said. “This is our strategic stock, reserve. Sure, if the situation is escalated, we may reiterate the topic. As yet, we are not considering bigger investments from the Fund above the earlier decisions.”

If all procedures are observed, Rosneft and NOVATEK may receive the money before the yearend.

“This is money for existing projects, for which they have attracted also Chinese money, and money from other investors, as well as own money,” the finance minister said. “This is the money we are investing to compensate for missing foreign loans.

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