“Gazprom” will get its own reserve Fund

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Photo: Mikhail Voskresensky / RIA Novosti

The company “Gazprom Neft” has decided to create its own reserve Fund. On Monday, February 12, writes family-owned Demyan Kudryavtsev, the newspaper “Vedomosti”, citing sources.

This company has pushed the update budget rules. In 2018 the additional revenues, which are formed by exceeding the level of 40 dollars per barrel of oil going to the reserves.

While approving the business plan for the next three years “Gazprom Neft” came from the forecast of Ministry of economic development to 43.8 per barrel of Urals oil and the dollar exchange rate to 64.2 rubles, the newspaper notes. All additional revenues are transferred to “Fund the budget rule”, which funds may be used for payments to creditors and dividends, as well as the financing of the investment program, said the interlocutor of the edition.

The source did not specify how much money “Gazprom oil” expects to send to the new Fund and how it needs to be filled.

According to the representative “Gazprom”, contributions to the reserve Fund will be calculated by a complicated formula. It takes into account not only energy prices and exchange rates, but other factors: inflation, interest rates, and forecasts of temperatures in the countries to which exported gas.

February 1, 2018, a Reserve Fund Russia officially ceased to exist. Now the additional revenue from the sale of hydrocarbons will come from the national welfare Fund (NWF). This is provided by amendments to the Budget code, adopted in July 2017.

According to the Finance Ministry, the average price of Russian Urals oil in 2017 rose by 27 percent to 53,03 per barrel. In 2016, the average annual price of Urals was 41.9 per barrel. Now a barrel of Urals oil is 58.8 per dollar.

Video, photo All from Russia.



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