Possible Rosneft’s purchase of a package of own shares does not lead to the turmoil in the currency market, said the head of the company Igor Sechin on the sidelines of the Eurasian forum in Verona on Thursday.
“Nobody will know, [nothing], in addition to the positive effect for the national foreign exchange market,” Sechin said (quoted by TASS).
Sechin said earlier sounded forecasts about the destabilization of the ruble due to the purchase of “Rosneft” controlling stake “Bashneft”, but in fact nothing of the sort happened. “No one noticed at all, not faltered foreign exchange market, but rather strengthened,” — said a top Manager.
Rosneft has closed the acquisition of 50.08% of “Bashneft” on the evening of 12 October. The day the dollar on the Moscow stock exchange rose slightly and trading the American currency for the first time since the end of September, closed above $ 63 RUB. However, in subsequent days, the dollar against the ruble fell again. In the course of trading on the Moscow exchange on 20 October, the value of the dollar fluctuates at the level of 62.3 is 62.5 RUB.
A few days before the deal, the first Deputy Chairman of the Bank of Russia Ksenia Yudaeva in an interview with Bloomberg said that the sale of Rosneft’s currency transactions may cause a temporary strengthening of the ruble. “This may have little impact on the ruble, which other things being equal, maybe a little stronger temporarily, but not more,” she said.
In turn the press-Secretary of Rosneft Mikhail Leontyev said that “Rosneft” is ready to deal and has no plans to buy foreign currency. Later, the head of the Bank of Russia Elvira Nabiullina said that the purchase of the Rosneft state-owned stake in Bashneft does not bear risks for the ruble exchange rate. “In our view, there will not be any impact, because “Rosneft” is enough ruble savings”, — said Nabiullina (quoted by “Interfax”).
The President of Russia Vladimir Putin at meeting with government members on October 12 assured that even after the purchase of a controlling stake in Bashneft Rosneft has enough cash to pay for the purchase of state Treasury shares. “It was confirmed that the money in the accounts of the company, there are additional funds from the market, with the domestic financial market at the end of all operations, including sales, and if necessary, temporary acquisition and redemption of shares “Rosneft” the company will not need”, — said Putin.
At the same time the head of state noted that Rosneft’s purchase of its own shares is only possible as an intermediate step in a “true privatization”, as in 2016, the budget “still somehow have to get the money.”
Later, the Minister of economic development Alexei Ulyukayev called a variant in which “Rosneft” will redeem the state of 19.5% of their shares, “option”, which will be used in the absence of strategic investors. “If we are not able at this stage to attract the interest of strategic investors in the short term in this year of 2016, at a reasonable price, then we will have to resort to a temporary stopgap measure,” — said Ulyukayev.
Buyback of “Rosneft” should not be an end in itself, said Thursday the head of the Federal Antimonopoly service (FAS) of Russia Igor Artemyev. “Of course, I support the sale of shares. Just need to think about the situation too,” he said (quoted by “Interfax”). At the same time the Minister noted that now “not a good time” to sell shares. On the question of whether to oblige “Rosneft” to sell their shares after some time after their redemption, Artemyev noted that “those who have to deal with in government, this question is actively discussed together with “Rosneft”.
The government plans to bail out of the package to 19.5% of Rosneft shares for $11 billion Earlier, Raiffeisenbank analysts calculated that at the end of the second quarter of 2016 on the accounts of Rosneft were $22.4 billion