Russian Ministry of Economy asks Eduard Khudainatov’s Independent Oil and Gas company to finish off its application for money of National Welfare Fund

Independent oil and gas company (NOC) of Eduard Khudainatov will have to re-justify its application for up to 100 billion rubles from the National Welfare Fund (NWF). The application was approved in the Ministry of Energy and the Ministry of Finance in principle, but, according to sources of the Kommersant, it was sent back for elaboration by the Ministry of Economy, which didn’t like that NOC requested to finance too large a share of costs from the Fund - approximately 60%. Now, chances of NOC can decrease: the Deputy Prime Minister Arkady Dvorkovich warned in April that limit of the NWF was close to exhaustion, and new applications had less chance.

The Government continues to discuss the application for money from the NWF from the Independent oil and gas company of ex-president of Rosneft Eduard Khudainatov, which claims to receive up to 100 billion rubles. Over the last month, there were several meetings, the Ministry of Energy and Ministry of Finance have already approved it in principle, sources of the Kommersant in the Parliament Building say. However, as one of the Kommersant’s interlocutors clarifies, "the initiator was proposed to finalize the draft, taking into account the identified risks, including of regulatory character". "In particular, the share of the requested NWF’s money in the draft is about 60%, whereas according to the standards it may not exceed 40%," - says the source of the Kommersant. The Ministry of Economy stated to the Kommersant that "the conclusion of the Ministry on strategic importance of the project was submitted to the authorized body - the Ministry of Energy, according to the government decree №991". The Ministry of Energy and the Independent oil and gas company declined to comment.