Sechin reported about the transfer of budget funds from the sale of 19.5% of Rosneft

The President of Russia Vladimir Putin and the head of “Rosneft” Igor Sechin. October 2015

Photo: Dmitry Azarov/Kommersant

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The head of “Rosneft” told the President that the proceeds from privatization of 19.5% of the company’s shares are listed in the budget. Informed of the receipt of money from the sale of the package reported “Rosneftegaz”

The head of “Rosneft” Igor Sechin reported to the President of Russia Vladimir Putin, the Federal budget lists all of the proceeds from the sale of 19.5% stake in oil company. This was reported by press Secretary of the President Dmitry Peskov, reports “RIA Novosti”.

“Sechin told Putin that all funds have been transferred from “Rosneftegaz” in the budget”, — said Peskov.

Earlier Friday, Rosneftegaz announced that all funds from the sale are accumulated in the accounts of the company and are preparing to transfer to the state budget “on a schedule agreed upon by the Ministry of Finance of the Russian Federation, subject to the orders of the President of Russia and the government of the Russian Federation on the avoidance of volatility in the currency market of the country.”

Agreement to sell a 19.5% stake, which belonged to “Rosneftegaz” was concluded on 7 December. As buyers made the Swiss trader Glencore and the Qatar investment authority (Qatar Investment Authority). The amount of the transaction amounted to 692 billion rubles (€10.2 billion). Under the deal, Glencore must pay €300 million of its own funds, Qatar — €2.5 billion and the remaining €7.4 billion pledged to provide Italian Bank Intesa Sanpaolo, with the participation of an unnamed Russian Bank. The budget must be received €10.2 billion (710,8 bn), including additional dividends from Rosneftegaz to 18 billion rubles.

At the exchange rate on 16 Dec €10.2 bn correspond 659,06 billion rubles, which is approximately 33,33 billion rubles less than the minimum price specified in the order of the government dated 7 Dec. Earlier, analysts of investment banks in an interview with RBC noted that the exchange loss may be incurred by Rosneftegaz, unless hedged the exchange rate changes.

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