Sberbank still interested in financing oil, gas cos, sees strong prospects for sector
MOSCOW. Oct 12 (Interfax) - Sberbank is still interested in financing oil and gas companies, which have largely adapted to the current situation, the leading Russian lender's first deputy CEO, Alexander Vedyakhin said.
"Sber remains interested in financing oil and gas companies, continues to see them as some of the most interesting borrowers for itself," Vedyakhin told reporters on the sidelines of Russian Energy Week.
Oil and gas companies have for the most part successfully overcome all the trials of 2022, he said. "One can say with confidence that in 2023 the industry will maintain is status as key for the Russian economy," Vedyakhin said.
"With the exception of some instances, foremost related with foreign assets, the main players have completely adapted to the current situation and most are demonstrating substantial growth of financial results," Vedyakhin said.
In the face of unprecedented external pressure, the oil and gas sector has efficiently established new logistics channels and reconfigured settlements infrastructure, he said. "For example, Russian oil shipments to India alone have risen by more than ten times," Vedyakhin said.
The industry is also solving problems related to restricted access to equipment. Companies in the sector "are not only finding alternatives to western equipment in friendly countries, but also actively working on creating world class Russian analogs," Vedyakhin said.
Gazprom , Rosneft , Novatek and other key players have not only pressed on with the implementation of projects that are crucial for Russia, they are also exploring no less ambitious new projects, he said.
"The implementation of such large-scale projects will, of course, require a substantial amount of investment, but current [interest] rates differ significantly from the levels companies in the sector are accustomed to. However, current prices for energy resources amid the weakening of the ruble allow the overwhelming majority of companies to successfully implement their projects at current rates," Vedyakhin said.
It is also "extremely important to support a long-term transparent tax and regulatory environment in the sector," he added.