On Tuesday, the head of Russia’s state-run oil giant Rosneft, Igor Sechin, told President Vladimir Putin that the company plans to cut 2020’s investment on the back of the crashing oil prices and the output cut pact.
Investment this year will be slashed by 21% or RUB200 billion (USD2.7 billion) this year as the Brent crude prices nosedived by 65.6% in the first quarter.
Other than that, Russia is also entangled in an oil production cut deal with the Organization of Petroleum Exporting Countries and its allies (OPEC+).
Further, according to the details posted by the Kremlin, Sechin asked Putin to delay the taxes for geological exploration and to adjust the oil transportation tariffs in line with the current oil prices.
He also requested the president for softer banking policy, especially in terms of loans and working capital accessibility.
Sechin added that he was sure that the crisis would be over in two or three years.
