The ruble is overvalued relative to oil prices, which puts pressure on the financial performance of Rosneft, the company said in a report in accordance with IFRS for the year 2015.
A barrel of oil should cost at least 2980 rubles to Rosneft feel confident in the segment “Processing and marketing”, according to the company.
This figure – the price of a barrel in rubles – defines the ratio of the rate of the Russian currency and oil prices. So, for example, 3000 rubles per barrel up to 30 rubles per dollar in oil at 100 or 60 rubles per dollar in oil 50.
When the current value of the Urals (37 dollars per barrel, according to Thomson Reuters) the dollar should cost a little more than 80 rubles, follows from the evaluation of Rosneft.
“Long-term decline of oil prices below the level of 2980 rubles per barrel (from 2016 onwards) can have a significant impact on the discounted cash flows for the segment “Processing and marketing” and possibly lead to the impairment of goodwill in this segment”, – stated in the report.
At the moment the ruble price of a barrel significantly falls short of the needs of “Rosneft” mark – in January it fell below 2,000 rubles, now a barrel of Urals FOB Primorsk is 2416 roubles (the data “Naans-media”).
From too expensive rouble is the first to suffer the Russian budget. He laid out based on the ratio of 50 dollars per barrel and 63 rubles per dollar – ruble price of a barrel is determined at around 3150 rubles.
In February oil and gas budget revenues have collapsed 40%. Of the total expenses 1,259 trillion – living income was achieved only slightly more than half – 746 billion rubles.
After the January surplus (about 400 billion) in February, the budget returned to deficit state, which, according to “VTB Capital” have worsened in March. With the beginning of the year hole in the Treasury amounted to about 600 billion rubles.
In 2015, the year “Rosneft” precise in the budget of about 2.3 trillion rubles , providing more than 15% of its revenues.
