Rosneft looks for an access to Government budget

The President of Rosneft, I. Sechin, has suggested changing the Government program of supporting investment programs realized on the basis of project financing so as to the companies from the oil and gas sector could use its resources, Interfax reported referring to a source in the financial-economic block of the Government.

According to Interfax, I. Sechin wrote a respective letter to the first Vice-Prime Minister, I. Shuvalov. The head of Rosneft says that the Russian oil sector is now under the threat due to the geopolitical situation, sanctions, change of macroeconomic conditions. In conformity with the program approved by the Government of Russia in October 2014, the Central Bank issues funds to the banks-participants and the latter spend the funds for financing of specially selected and approved by the inter-agency committee projects, RBC reminded. The banks are issued funds at 9% per annum from the Central Bank and transfer them to the companies realizing the investment projects, but not over than 11.5% per annum. The key rate of the Central Bank, based on which the “price” of loans is counted, is now 15%. However, according to Mr. Sechin, 11.5% per annum is too much: commercial banks are just intermediaries between the Central Bank and investors and thus the price of loans issued in the framework of the framework of the program of project financing should not exceed 10%.