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12/15 16:13   GAS TRANSIT VIA UKRAINE NOT POSSIBLE UNLESS EXPEDIENT FOR GAZPROM COMMERCIALLY, ECONOMICALLY - PESKOV
 
12/15 16:12   No fateful breakthrough reached in Paris on implementation of Minsk agreements but no one seriously expected it either - Peskov
 
12/15 15:58   PESKOV: PREMATURE TO TALK OF MEASURES IN RESPONSE TO WADA DECISION
 
12/15 15:58   PESKOV: OUR ATHLETES' BEING STRIPPED OF RIGHT TO COMPETE UNDER RUSSIAN FLAG UNACCEPTABLE, WILL BE INCLUDED IN CAS APPEAL
 
12/15 15:56   RUSSIA TO DO EVERYTHING UNDER INT'L SPORTING LEGISLATION TO PROTECT ITS ATHLETES, FLAG - PESKOV
 
12/15 15:55   KREMLIN BELIEVES RUSSIA WILL APPEAL WADA DECISION ON RUSADA AT CAS - PESKOV
 
12/15 15:54   RUSSIA EXPECTING IDLIB TO BE FREED FROM TERRORISTS AND SAFETY FOR SYRIAN AND RUSSIAN MILITARIES - PESKOV
 
12/15 15:53   RUSSIA NOT HIDING ITS CONCERN ABOUT IDLIB TERRORISTS ISSUE STILL UNRESOLVED, BUT SEES NO ALTERNATIVE TO COOPERATION WITH TURKEY IN THIS RESPECT - PESKOV
 




 

Interfax.com  |  Interfax news  |  Novak: inability to borrow worse than low oil...


News headlines


February 16, 2015 17:49

Novak: inability to borrow worse than low oil prices (Part 2)

MOSCOW. Feb 16 (Interfax) - The lack of lending sources is having a worse effect on the Russian oil industry than the low price of oil, Energy Minister Alexander Novak said in an interview with Interfax.

"The main issue is the lack of lending resources, sources of financing, not the price of oil. Accordingly, due to the lack of financing, the volumes of their investment programs are declining, over borrowing. They can rely only on their own resources, their own revenue," he said.

"A price of $70 per barrel for oil given the current ruble exchange rate or given partial strengthening is in principle entirely acceptable for the oil companies. The main thing is to have bank financing, at a normal interest rate. With the rate currently at 25%-30%, no one of course is taking out loans. Not a single project can withstand that," he said.

Under the circumstances, the oil companies are maintaining investment to implement the biggest projects, but may revise drilling plans on a case-by-case basis.

"Perhaps the companies will cancel drilling into new horizons because these projects are not profitable with oil at this price or there is no opportunity to borrow the money from banks to develop them. The global projects that are currently being implemented: no one is planning to postpone them. Everyone will continue working," he said.

Novak said previously that about 15% of investment plans that were to be implemented in 2015 may be postponed if low oil prices persist.

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(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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December 15, 2019
 
16:42
Beginning of Putin-Zelensky dialogue can be viewed as positive result - Peskov
 
16:19
Events due in Moscow, Russia, CIS and Baltic countries on December 16, 2019
 
16:13
GAS TRANSIT VIA UKRAINE NOT POSSIBLE UNLESS EXPEDIENT FOR GAZPROM COMMERCIALLY, ECONOMICALLY - PESKOV
 
16:12
No fateful breakthrough reached in Paris on implementation of Minsk agreements but no one seriously expected it either - Peskov
 
15:58
PESKOV: PREMATURE TO TALK OF MEASURES IN RESPONSE TO WADA DECISION
 
15:58
PESKOV: OUR ATHLETES' BEING STRIPPED OF RIGHT TO COMPETE UNDER RUSSIAN FLAG UNACCEPTABLE, WILL BE INCLUDED IN CAS APPEAL
 
15:56
RUSSIA TO DO EVERYTHING UNDER INT'L SPORTING LEGISLATION TO PROTECT ITS ATHLETES, FLAG - PESKOV
 
15:55
KREMLIN BELIEVES RUSSIA WILL APPEAL WADA DECISION ON RUSADA AT CAS - PESKOV
 
15:54
RUSSIA EXPECTING IDLIB TO BE FREED FROM TERRORISTS AND SAFETY FOR SYRIAN AND RUSSIAN MILITARIES - PESKOV
 
15:53
RUSSIA NOT HIDING ITS CONCERN ABOUT IDLIB TERRORISTS ISSUE STILL UNRESOLVED, BUT SEES NO ALTERNATIVE TO COOPERATION WITH TURKEY IN THIS RESPECT - PESKOV
 
15:51
WE HAVE BIG DOUBTS ABOUT TRUMP BEING ABLE TO INFLUENCE ANTI-RUSSIAN SENTIMENTS IN U.S. - PESKOV
 
15:50
DEMONIZATION OF RUSSIA IN U.S. IS TO DO WITH U.S. DOMESTIC SITUATION, NOT RUSSIA ITSELF - PESKOV
 
15:49
TRUMP, PUTIN HAD SEVERAL POSITIVE CONVERSATIONS WHERE NICE WORDS WERE SAID BUT REALITY OF BILATERAL RELATIONS IS HARSH AND COLD - PESKOV
 
15:47
THANK GOODNESS, RUSSIA, U.S. STILL TALKING AT DIPLOMATIC, MILITARY LEVELS, THIS IS POSITIVE, KEEPS THEM FROM FALLING FURTHER INTO SINKHOLE OF DIFFERENCES - PESKOV
 
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