“Rosneft” will forgive the government debt is 60 billion rubles.


Inheritance TNK-BP

Rosneft decided to demand from the Federal customs service (FCS) to return the company overpaid in 2012-2013 “Verhnechonskneftegaz” (“daughter” of “Rosneft”) 60 billion rubles of export duties for oil. This was told by two sources close to “Rosneft”.

Press Secretary of “Rosneft” Mikhail Leontyev and FCS representatives declined to comment.

Verkhnechonskneftegaz has got “Rosneft” following the acquisition in 2013 of TNK-BP. The company had the right to benefits on the export tariff in 2011-2013, but did not use it. In January 2015, “Rosneft” has addressed in the FCS for a refund, putting in the statement that “the reimbursement of overpaid tax payment possible within three years after payment”. Customs officers demanded a certificate from Ministry of energy confirming the fact that the field was mined oil with special physicochemical characteristics that are subject to privilege. The energy Ministry has refused to issue a certificate citing the missed deadline.

Rosneft in April 2015 to June 2016 sued the energy Ministry and the Federal Agency for subsoil use, and won in all instances. In may 2016, the Supreme court refused to consider the appeal, energy, and in June the decision came into force.

Two versions

The interlocutors in “Rosneft” in different ways to explain the company’s decision not to take money from the state. One of them says it was made in the spring and allowed to avoid high dividends: the company paid 35% of net profit under IFRS instead of the previously planned 50%. This allowed her to save 53 billion. the Benefit is also received Rosneftegaz, the Board of Directors which is headed by Sechin. The company adjusted profit for calculating dividends on “paper” income from deposits and the value changes on the balance of the shares. In the result, Rosneftegaz paid to the budget of 36 billion rubles. instead of 74.7 billion.

Another source in “Rosneft” says that the decision was made with an eye to the future. The government is discussing a possible increase in the tax burden on the oil and gas industry next year, and at “Rosneft” there is an additional trump card in this dispute. “We understand that the government needs additional funds to fill the budget in 2017, but to take them nowhere. And therefore, in preparing new tax exemptions in the oil industry, for example through the growth of met. Denial of claims to recover from the budget such a large amount gives you the chance to minimize these exceptions,” — said the Manager “Rosneft”. According to him, the statement to the TCF for compensation of fees is on the table Sechin and can be signed at any time.

Leontyev is not commented.

For the Federal budget of 60 billion rubles — a significant amount. For example, 75% of the funding for 2016 the population comfortable housing and utilities, twice the annual budget of the state program of environmental protection and ten annual budgets for the maintenance of Prime Minister Dmitry Medvedev and his deputies. Last year, the Ministry of Finance has made adjustments to the tax maneuver (met rose on the plan, and the export duty), to withdraw from oil of 200 billion rubles, and Gazprom 100 billion Officer of the government said that the Finance Ministry has already submitted to the government calculations to increase the fiscal burden on oil companies and “Gazprom” from next year, but the details refused to report, as no decision has yet been taken.

According to the company partner “the Tax help” Sergey Shapovalova, “Rosneft” has the right to apply for a refund within three years from the date of receipt of the writ in the first instance arbitration court, that is until September 2018. Partner of the law Bureau “Dmitry Matveev and partners” Yury Pompeev explains that the energy has a chance to challenge the decision of the Supreme court, filing a complaint in the name of its Chairman Vyacheslav Lebedev. But, according to the lawyer, the chances of an outcome in favor of Department small.

Analyst “Aton” Alexander Kornilov considers that 60 billion rubles would help Rosneft to significantly reduce the debt burden. The company’s net debt is $23.9 billion, according to “Rosneft” IFRS in the first quarter. Also the money could be spent on geological exploration of new and Mature fields in Eastern Siberia, including Vankor, or to prevent the falling production in the fields of Yuganskneftegaz, said the expert.