Rosneft Backs Finance Ministry's Search For Additional Budget Revenues As Logical Move

Rosneft Backs Finance Ministry's Search for Additional Budget Revenues as Logical Move

MOSCOW (UrduPoint News / Sputnik - 17th September, 2020) The crisis in the economy caused by COVID-19 became a challenge for the oil and gas industry in Russia, and the forced coordination on OPEC+ exacerbated the situation, which led to a decrease in budget revenues, therefore Rosneft considers the actions of the Finance Ministry to find additional income logical and deserving support, the Russian company said on Wednesday.

"The economic crisis caused by the pandemic has become a serious challenge for the Russian oil and gas industry. The situation was significantly aggravated by the forced coordination with partners in the global commodity market," Rosneft said in a statement.

"In the context of a serious reduction in budget revenues and the need to fulfill the state's obligations in the social sphere, the actions of the Russian government and the Russian Finance Ministry to find additional sources of budget revenues are logical and deserving support. We hope that the decisions that will be taken will show their balance and focus on development of the Russian economy in the long term," the company added.

At the same time, Rosneft emphasized that it was the country's largest taxpayer, ensuring the stability of the budget system and contributing to the social and economic development of the country.