CEO says Rosneft confident in future despite ruble’s volatility

BERLIN, May 18 (PRIME) -- Russian oil major Rosneft is confident in its future despite volatility of the ruble as its resources allow it to operate for 22 years without investment in geological exploration, CEO Igor Sechin said on Thursday during a launch ceremony of an Berlin office.

The devaluation of the ruble helped improve the company’s financial results. “We are efficiently using part of ruble-denominated costs in order to secure our efficiency. But even if the ruble’s rate soars to 30 rubles per U.S. dollar, our costs will equal about U.S. $4.1 per barrel,” he said.

“We will feel confidently even if the markets are volatile. I will once again draw your attention to the resource base. F necessary, we will be able to work for 22 years with this resource base without large capital expenditures and without geological exploration with this resource base.”

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