Igor Sechin and the briar patch

How the president of Rosneft I got not what he wanted, but much more. 
Recently, the public discussion so fascinated by trinkets and expensive real estate elite that was little noticed news that needs to tear the social network: in just six months, the members of the Board of "Rosneft" earned about 2.8 billion rubles. This impressive figure - not the result of rigorous investigative journalism, it is reflected in the public statements of the oil company.

There are, of course, and a little secret: how 2.8 billion will be distributed among the twelve board members. The information they will disclose only the employer, ie the government. But society is perhaps interested in another question - for what?

The formal explanation of the golden rain, shed for the first scant summer there. Top management of "Rosneft" will receive not only wages, amounting to 350 million rubles for all, but also bonuses for the past year. Agree, it was a wise hardware decision. In December, when the country has covered the first wave of devaluation could come out of a political scandal supervoznagrazhdeniya payments. And in August, who will notice? There would have to understand how the rulesno geese destroy - in the oven, or throw them under the bulldozer.

Incidentally, I think that, despite all the problems in the economy and particularly in the oil peak, next year Areopagus "Rosneft" remuneration should be even higher. Because top managers of the money, if not earned, deserved it.

I recall the obvious: they are not civil servants. They work on "Rosneft" - a commercial company in which the state - the key, but not the only shareholder. So, in that situation, when "Rosneft" wins and loses, for example, the state, they did a good job.

Now we have exactly this situation.

The "Rosneft" has three major items of expenditure which are theoretically subject to expansion or, conversely, optimization. This tax, capital investments (mainly in new projects) and the wage fund (including space bonuses). From the perspective of optimizing the "Rosneft" in taxes this year, it seems to achieve outstanding results. And without all sorts of offshore schemes, by contrast, clearly adhering to the Russian legislation.

As calculated in the RBC,this year's budget will receive from "Rosneft" about 2.2 trillion rubles. It is a lot, but still less than the 800 billion on the plan (and the results of the previous year). The savings will be possible thanks to a combination of three factors: devaluation, falling oil prices and tax maneuver undertaken by the government. And the third factor - decisive.

The essence of the tax maneuver, in short, that a sharp reduction of export duties on crude oil greatly increased duties on petroleum products, especially fuel oil, as well as mineral extraction tax (MET). According to government estimates, made back in the last phase of the crisis, when the annual price of oil was planned at $ 95 per barrel by 2015, an additional maneuver would bring the treasury of 500 billion rubles. But in the new forecast oil at $ 50 per barrel (in a new reality - and even less). That is the company, including "Rosneft", pay the fee, not only at the rate, but also on the lower base. The effect of partially mitigates the devaluation, because the fee is paid in rubles at the exchange rate. By the way, the old, built when Kudrin tax ICUEMA due to this effect has little resilient to oil price. Given the 80% -ing the correlation between the ruble exchange rate and the cost of oil and the devaluation of the budget covered the drop in hydrocarbon prices, shifting the burden on oil companies. But the drop in revenues has nothing to compensate for the reduction of the export duty. Because it is designed to make the MET - fixed ruble tax, is not tied to the oil price.

But it's the government failures, and failure to achieve the management of "Rosneft"? Technically true, but remember what he did last summer, Igor Sechin. He strongly attacked the Prime Minister with the requirement to cancel the tax maneuver. And here it is important to remember that the Prime Minister, we worked Dmitry Medvedev, for the real sector, including the oil industry, the government is responsible Arkady Dvorkovich, and both of them have a habit of answering no to the most urgent requests Igor Ivanovich. That is it, perhaps unwittingly, its last year's activity has made it virtually impossible to audit the new tax scheme, which now provides a gentle tax regime for whom he headsAANII. The bush, where he seemingly abandoned, was in fact a tax haven.

By the way, the maneuver is not completed, in 2016 and 2017 the export duty reduction will continue.

This accomplishment Sechin made by "by contradiction" does not end there. Remember the set the teeth on edge a story about how he had asked for his company's money from the National Welfare Fund, gradually falling from 1.5 trillion to 300 billion rubles? At the same Medvedev he asked. We did not have even 300 billion, which, incidentally, really need the company to invest in development of new deposits. Well, not now investment. At a recent meeting with Prime Minister Igor Ivanovich he said that the company is now a new strategy: to focus on improving the efficiency of old fields. Like, let's not boring, we swing, especially in such a favorable tax regime. The company thus save a second volatile expenditure - capital investments.

And what about the third article - payroll? That's it-that Medvedev Sechin assured, no one save will not. onernoe, he meant simple workaholic on the rig. But the bonuses is now no need to cut.