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Russian oil giant Surgutneftegas OJSC hoards $44-billion cash

Investors are watching Surgut's accounts closely after the US Treasury earlier this month included Chief Executive Officer Vladimir Bogdanov in a sanctions list

Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day
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Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day

Elena Mazneva | Bloomberg
Surgutneftegas OJSC, Russia’s fourth-largest oil producer, is consolidating its position as the country’s richest company by amassing $44 billion in cash and bank deposits even as risks of further US sanctions mount.

The Siberian driller increased its cash pile 6 per cent in dollar terms last year, according to a statement Saturday. Surgutneftegas didn’t include a breakdown by currency in its 2017 report to international standards. For at least the past six years, it has held most of the cash the US greenback.

Investors are watching Surgut’s accounts closely after the US Treasury earlier this month included Chief Executive Officer Vladimir Bogdanov

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First Published: Apr 30 2018 | 1:01 AM IST

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