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Timothy Smith

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Timothy Smith

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Monday, 08/24/2015 7:01:30 PM

Monday, August 24, 2015 7:01:30 PM

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The Russian government will not fund four of the five projects for which Rosneft (OTC:RNFTF) had requested financing from the country's sovereign wealth fund, the economy minister said today.

The decision reflects the growing pressure on Russian government resources and is a further blow to Rosneft’s ambitious growth plans; last year, the energy group asked for more than $40B in state support but later trimmed its request to just five projects requiring ~300B rubles ($4.3B).

Purely My Own Opinion. Do Your Own Due Diligence.

“Formula for success: rise early, work hard, strike oil.” - J. Paul Getty

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