The head of “Rosneft” Igor Sechin believes that in 2020 “could be a turning point” for the global oil and gas industry due to the unprecedented decline in demand as a result of the pandemic coronavirus COVID-19, which led to a significant drop in prices. However, he was sure that “Rosneft” can get out of the situation a global leader. “In this situation to the fore the quality of the resource base, diversification of markets, long-term relationships with customers, high level of operational and financial efficiency. Our company is a recognized world leader in these settings,” said Mr. Sechin.According to him, the negative factors have affected the company’s ability to generate free cash flow in the first quarter of 2020 amounted to 219 billion rubles. “because of this and despite the deterioration in the macroeconomic environment, we continue to reduce debt burden and to channel money to the shareholders”,— said the head of “Rosneft”. The payment of dividends for the year 2019 may reach a record 354,1 billion rubles (for 18 rubles 07 kopecks per one ordinary share).”In a situation when many of the world’s oil and gas companies make decisions about the reduction of dividends and the termination of share buyback programs, the company’s decision about the continuation of the cash distribution to shareholders talking about our confidence in the ability not only to cope successfully with new challenges, but to emerge from the current difficult situation the industry leader,”— said the head of “Rosneft”.Previously, the newspaper “Vedomosti” wrote that the government has extended the contract of Igor Sechin the head of Rosneft for five years. 12 may Mr Sechin at a meeting with President Vladimir Putin called the measures of state support for the maintenance of optimum volume of investments of the company. In particular, he suggested to Russian President Vladimir Putin to reduce tariffs of transport monopolies. Mr Sechin also said that taking into account the situation on the global oil market this year investment program of “Rosneft” will be optimized to 200 billion rubles More on that in the publication “Kommersant”, “Rosneft pumps eligible for a discount.”Chronicle of the conquest of the oil market to further Rosiekitty
