Economy

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7. Russia May Boost Sanctioned Rosneft With $40 Billion As Debt Piles Up

Mon Sep 8, 2014, 05:12 AM

Sep 2014

http://www.businessinsider.com/r-russias-pm-signals-40-billion-state-help-for-rosneft-possible-vedomosti-2014-9

MOSCOW (Reuters) - Russian Prime Minister Dmitry Medvedev said that the state oil champion Rosneft, in need of funds to service its huge debt, may receive 1.5 trillion roubles ($40.6 billion) from state coffers over time, Vedomosti newspaper said on Monday.
Last month, a government source said that the company's head Igor Sechin has asked for 1.5 trillion roubles from the National Wealth Fund, one of Russia's sovereign wealth funds, to help the company weather western sanctions against Moscow for its policy on Ukraine.

An anonymous official has called Sechin's plan "horrible", and another government source has told Vedomosti last month that Medvedev was unlikely to back it.

However, the prime minister told the newspaper that Rosneft, which accounts for 40 percent of Russian oil output, may still receive the help.

Read more: http://www.businessinsider.com/r-russias-pm-signals-40-billion-state-help-for-rosneft-possible-vedomosti-2014-9#ixzz3CiYja6ar

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