Rosneft to postpone development of two fields if it doesn’t get money from National Welfare Fund before June, 1

Rosneft waits for money from the National Welfare Fund (NWF) not later than on June 1, otherwise the company threatens to pospone development of Russkoye and Yurubcheno- Tokhomskoye fields.

As president of the company Igor Sechin promises in his letter to the Deputy Prime Minister Arkady Dvorkovich, the development of the Russkoye deposits will begin two years later (in 2019 instead of 2017), and the Yurubcheno-Tokhomskoye one - a year later (in 2018 instead of 2017).

The production will be less than Rosneft planned, by 10 million tons for the two projects for five years, Sechin writes, the budget revenues will be reduced by more than 90 billion rubles. The negative effect for Rosneft is in reduction of investment attractiveness of the projects – the net present value will decrease by 50 billion rubles, the company’s head estimates.

It’s hardly realistic to allocate money before June 1, a federal official lamented: "the Rosneft’s letter looks like blackmail".