Rosneft Asks State for $40 Billion

Igor Sechin, the head of Russian oil giant Rosneft, has asked the government to provide the company with 1.5 trillion roubles ($41.6 billion) to help the company weather western sanctions, the Vedomosti newspaper reported on Thursday. Under the plan, the state would spend money from its National Wealth Fund to buy Rosneft bonds, the paper reported, citing government sources. The paper added that Prime Minister Dmitry Medvedev had asked officials to analyse the idea. Rosneft net debt stood exactly at 1.5 trillion roubles at the end of the second quarter. The company needs to repay 440 billion roubles by year-end and another 626 billion roubles next year, according to its latest presentation. Vedomosti said that Sechin had called for the aid as a response to Western sanctions.

http://uk.reuters.com/article/2014/08/14/uk-ukraine-crisis-sanctions-rosneft-idUKKBN0GE0J820140814