Russia considers Rosneft request for help from state fund
Sanctions-hit oil company Rosneft (ROSN.MM) will be able to apply for money from a state wealth fund, Deputy Prime Minister Arkady Dvorkovich said on Tuesday, adding that the government had “on the whole” approved the company’s investment program.
Due to sanctions imposed to Moscow’s role in the Ukrainian conflict, Rosneft’s access to Western money has been restricted. Therefore, Rosneft has asked the government for $42 billion support from a fund earmarked for Russian pensions to help it weather the sanctions.
“Everyone has the right to apply to the Economy Ministry and to define its projects (for help from the fund). Rosneft has not applied to us about such projects. There have been only general proposals,” Dvorkovich said.
“We will look at (Rosneft’s request) seriously,” he added.
Dvorkovich declined to reveal the details of Rosneft’s investment program, which stood at around 600 billion roubles ($15.5 billion) in 2013 and which had been expected to rise to 730 billion roubles for 2014.
“Rosneft’s investment program was discussed during prime minister’s meeting. On the whole, it was approved. There are some nuances on timing of the program,” Dvorkovich said.
Source: Reuters- Rosneft request for help from state fund
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