Putin helped save his oil giant. Now Rosneft returns the favour
Firm is helping fill a yawning budget gap at home and support the Kremlin abroad
Moscow
TWO years ago, the Kremlin's oil flagship was foundering, hit by falling prices and international sanctions just as it faced US$20 billion in debt payments.
Short of cash, Rosneft got about US$15 billion of emergency aid with help from the central bank. But the deal spooked investors, requiring a massive rate increase to stem market turmoil. Chief executive officer Igor Sechin, the man Vladimir Putin had for a decade relied on to build Rosneft into a giant, faced rare disfavour from his patron, officials said at the time.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Sri Lanka approves power deal with India's Adani Group
BP profits drop to US$2.7 billion, refinery outage offsets higher output
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
European oil giants consider shifting their listings to the US
ExxonMobil sees Hess arbitration dragging into 2025, CEO says