Sechin ‘asks government for $41bn’

 

Russian oil behemoth Rosneft has asked the government for more than $41 billion to help it ride out the effect of sanctions imposed against it and Russia by the US and European Union, according to a report.

Company president Igor Sechin has laid out five suggestions for support from the federal government, with help from the National Welfare Fund one possibility, local newspaper Vedomosti reported on Thursday, citing four unidentified government officials.

According to the report, a letter sent by Sechin to the Ministry of Economic Development suggested that the fund spend 1.5 trillion Russian rubles ($41.64 billion) on Rosneft bonds.

Net debt at the Moscow-based player stood at 1.5 trillion rubles at the end of June.

There was no immediate response from Rosneft to a request for comment on the report.

Rosneft and Sechin himself have found themselves on the end of sanctions imposed by Western governments over the annexation of Crimea from Ukraine earlier this year. Sanctions were stepped up further in the wake of the downing of a Malaysia Airlines flight over eastern Ukraine last month, killing almost 300 people.

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