Home / Oil / The head of “Rosneft” reported Putin about the victory over market volatility

The head of “Rosneft” reported Putin about the victory over market volatility

Глава "Роснефти" доложил Путину о победе над нестабильностью рынков

The Russian oil state company “Rosneft” has managed to cope with volatility in the oil market and to increase production of hydrocarbons. The head of “Rosneft” Igor Sechin reported to Russian President Vladimir Putin. Transcript of the meeting published on the Kremlin website.

Sechin admitted that in the conditions of crisis in the world markets associated with falling prices for hydrocarbons, the situation in previous years “has developed quite difficult.” But the company, according to a top Manager, was able to handle it.

“Last year we managed to increase hydrocarbon production, it increased by 1 percent, and last year we shall report on the production of 254 million tons of liquid hydrocarbons,” he said. At its own facilities the company processed 96,7 million tons of oil.

In order to achieve at least such a small growth, said Sechin, the company raised production drilling by 30 percent due to the increase of its own drilling services.

The investment program of “Rosneft” in 2016 will increase by 30 percent, up to one trillion rubles.

Oil and gas revenues to the Federal budget of Russia for two months in 2016 fell almost 32 percent compared with the same period last year to 687,7 billion rubles, notes the operational report of the accounts chamber. According to the government forecast, in 2016 their will be total of 6.04 trillion rubles.

March 24, Finance Minister Anton Siluanov said that Russia’s economy move away from oil dependence, beginning to heal from the “Dutch disease”. “Breathing the industries that in recent years, the years of high oil prices — was at a standstill, the so-called non-tradable sector,” the official said.

A day earlier, on 23 March, Deputy Prime Minister Arkady Dvorkovich said that the Russian economy has adjusted to the low cost of a barrel, and the fall of the ruble will help to increase the supply of goods in China and Europe.

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