RUSSIA NEEDS $70
Russian Finance Ministry wants to restart replenishing the emergency Reserve Fund if the oil price exceeds $70 per barrel Finance Minister Anton Siluanov said.
The move would also help to prevent the rouble from excessive strengthening, he said.
Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.
"We need a very serious approach to the structure of expenditures, to the question of not using the reserves in full volume," Siluanov said. "We are the country which depends on external factors. We lose stability without reserves."
According to the ministry, Russia will be spending money from its Reserve Fund in 2015-2017 and will reduce it to 500 billion rubles ($9 billion) by the end of 2017. The country had 4.27 trillion rubles ($77 billion) in the fund as of July 1.
Oil prices rose slightly on Thursday with Brent crude LCOc1 trading around $62 per barrel.
In March Siluanov said he did not expect the oil price to reach $70 per barrel soon due to a global supply glut and demand stagnation.
The replenishing of the Reserve fund would also allow the government to take excessive foreign currency from the domestic market, preventing the rouble from strengthening too much, the minister said.
The rouble strengthening was negatively affecting the competitive ability of Russian products on global markets until 2014, he said.
Siluanov also said on Thursday he did not expect Russia's sovereign credit rating to be changed by Fitch at a review on Friday.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.