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Russia's Surgut cash pile reaches 2 trillion roubles in Q3
November 16, 2015 / 1:41 PM / 2 years ago

Russia's Surgut cash pile reaches 2 trillion roubles in Q3

MOSCOW, Nov 16 (Reuters) - Surgutneftegaz, among Russia’s top four oil producers, saw its cash pile rising 15 percent to 2.15 trillion roubles ($32.64 billion) in the third quarter, the company’s accounts published on Monday showed.

Surgut, which is pumping an average of 1.2 million barrels of oil per day (bpd), is famously secretive and has never publicly revealed who owns its shares. Domestic media have said company management, along with Chief Executive Vladimir Bogdanov, appear to control a large number of shares.

As of June, 30, Surgut’s cash pile, which is formed from banking deposits, cash and other financial instruments, was at 1.876 trillion roubles. The bulk of Surgut funds are in foreign currency, the report shows.

In its report under Russian Accounting Standards, Surgut said that out of 2.15 trillion roubles of its total cash pile, banking deposits accounted for 2.115 billion roubles. In the second quarter, deposits stood at 1.8 billion roubles. ($1 = 65.8750 roubles) (Reporting by Denis Pinchuk; editing by Katya Golubkova and Louise Heavens)

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