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Bank of Russia May Support Additional Financing Measures to Oil, Gas Projects

RUSSIA
  • Vedomosti report that the Bank of Russia may offer cheaper loans to oil and gas companies in a bid to improve long-term financing of projects in the industries. The proposals include state guarantee for bank loans, subsidies on interest rates and state development institutions which could provide financing by issuing ruble-denominated bonds. The Finance Ministry’s spokesman has told Vedomosti that the ministry generally supports the proposals.
  • Citing Kommersant, Bloomberg report that Gazprom Neft have filed a lawsuit to a Russian court asking to transfer its joint venture with Shell, the Salym Petroleum Development (SPD), to the Russian jurisdiction. They have also asked the court to suspend Shell’s rights in the JV arguing that Shell has obstructed SPD’s activities. Shell has told Kommersant that they are working on a withdrawal from the project, but that will now require special permission from Russia.
  • According to an economy ministry document seen by Reuters, higher oil export volumes, coupled with rising gas prices, will boost Russia's earnings from energy exports to $337.5 billion this year, a 38% rise on 2021.
  • Data-wise, gold and forex weekly reserve data will be published this afternoon. There are no other major data releases scheduled for today.
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