At low prices from Russia less revenue in foreign currency revenue, the devaluation of the Russian currency, although in ruble terms for companies, the revenue remains at the same level it was before, said Minister of energy Alexander Novak.
ANTALYA (Turkey), 16 Nov. Russian oil companies are highly competitive from the point of view of cost of production; low prices of competitors they can raise their own efficiency, said energy Minister Alexander Novak.
“The only way you can respond is to increase the efficiency of our companies and compete with those companies who also work in world markets. But we can say that we have the cost of production is in principle not much different from the leaders who have the lowest cost, so we are absolutely competitive,” said Novak, answering a question of journalists, how to survive a dumping in the oil market, in particular, from Saudi Arabia.
“We have the lion’s share of the price is taxes, and the cost of production — it is quite low on different fields… Us prices in principle are not afraid”, — said the head of the Ministry of energy.
At the same time, he acknowledged that such pictures are not very good effect on the economy of the Russian Federation. “At low prices we have less income in foreign exchange revenue. Accordingly, the devaluation of the Russian currency, although in ruble terms for our companies, in fact, revenue remained at the same level it was previously. So, in that sense and continue to be competitive,” the Minister explained.