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Russia to provide $9 bn to oil, gas majors
St Petersburg News.Net
Tuesday 14th October, 2008 (IANS)
Msocow, Oct 14 (RIA Novosti) Russia would provide $9 billion to the country's four top oil and gas companies, including Russian-British joint venture TNK-BP, to refinance their foreign debt, a Russian business daily reported Tuesday.
State-run oil company Rosneft will receive $4.2 billion of the sum.
According to Kommersant daily, the decision was taken Saturday during a meeting between oil and gas company representatives and deputy prime minister Igor Sechin, who oversees the energy sector.
Gas monopoly Gazprom would receive $1 billion, the country's largest independent oil producer LUKoil, $2 billion and TNK-BP, $1.8 billion.
The state earlier granted the oil producers an estimated $5.5 billion in tax breaks.
On Sep 24, the four oil and gas majors, which account for 70 percent of the country's oil and 90 percent of gas production, sent Prime Minister Vladimir Putin a letter asking for a total of $80 billion to pay off their foreign debts and finance strategic projects.
Putin said Friday the government would disburse up to $50 billion for companies to refinance their foreign debt.
He also said Monday that companies should be offered alternative debt refinancing loans as a way of 'saving Russian enterprises from being sold off at rock-bottom prices, which do not reflect their true value.'
Russia has been facing acute liquidity crunch in the wake of the global market crisis.
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Comments on this story
Bull
10-14-08, 06:41 PM |
Russia to provide $9 bn to oil, gas majors
Dear Editor, Your story concerning a letter to Prime Minister Putin by the four oil and gas majors is very interesting. I’m reminded of the Stackelbeger duopoly process in all of this. Value in assets controlled by the levers which now are controlling monetary policy in a supply-side economic process needs to be carefully understood by the Russian government. After all, its about this perennial question of value and as was the case with the former Yeltsin government, value or the lack of it can cause great damage in sentiment amongst the great Russian people. Sincerely, Bear
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