Sechin asked about $44.5 billion as state aid for Rosneft

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sechin-pomRosneft President Igor Sechin has requested the Russian government to provide financial aid to the company, a representative of the oil industry told Vedomosti.

            Rosneft President has offered five ways to support the company. The most expensive one for the government is to buy Rosneft’s new bonds worth 1.5 trillion rubles at the expense of the National Welfare Fund.

            Four officials have confirmed the amount to Vedomosti. Sechin claims that the company needs help after the sanctions imposed by the US.

            By the end of June 2014 Rosneft’s net debt totaled 1.5 trillion rubles (about $44.5 billion).

            Total debt of the state oil company is 2,2 trillion rubles, but received a pre-payment worth $17 billion from CNPC for delivery of oil to China and it will receive a total of $70 billion.

            Rosneft’s debt has accumulated after purchase of TNK-BP for $54 billion in 2013, of which $44 billion by cash. The company has borrowed $31 billion from the international banks for this deal. This and next year Rosneft will have to repay the biggest amount – a total of about $30 billion.

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