The Finance Ministry has proposed to take away from “Rosneftegaz” all proceeds from the shares of “Rosneft”

The Finance Ministry has proposed a special order of the government to oblige JSC Rosneftegaz (100% state-owned) to pay in dividends to the Treasury all revenues derived by the company as dividends on owned shares of Rosneft (69.5 per cent) and “Gazprom” (10,97%), reports “Interfax”. The Agency said a source in the energy Ministry, familiar with the proposal of the Ministry of Finance.

According to the interlocutor, the first Vice-Premier Igor Shuvalov has instructed the energy Ministry to his office and the Ministry of economic development to study the relevant draft decision of the government.

The representative of the energy Ministry confirmed that it received the Finance Ministry’s proposal. “We are now considering the proposal on behalf of the government,” he added. The Finance Ministry has not yet responded to the request .

Source Agency explained that, according to the proposal of the Ministry of Finance, in the event that the net profit of Rosneftegaz will be less than received from “Rosneft” and “Gazprom” dividends, then the payments to the Treasury it is proposed to use the unappropriated profit of previous years.

“The adoption of the draft Executive order will increase the revenues of the Federal budget in the form of dividends on federally-owned shares of JSC “Rosneftegaz”, — explains their proposals to the Ministry of Finance. By the end of 2015 “Rosneftegaz” was in the form of dividends on its shares of around 106.8 billion rubles, net profit of the company amounted to 149.4 billion.

In addition, according to the MOF to draft decree, “Rosneftegaz” will have to transfer in the budget of all proceeds from the sale of shares of “Rosneft”. As a result, in the case of the sale of 19.5% of Rosneft shares, the value of which at the end of September amounted to about 750 billion rubles., revenues from this transaction can also be directed to the Federal budget in the form of dividends of “Rosneftegaz”.

As he wrote in early may, the government decided to deduct from the net profit of Rosneftegaz to calculate dividend income from the revaluation of deposits due to the weakened ruble. This will allow the company to pay to the budget only 24% of the net profit for 2015.