August 31, 2014 / 9:44 AM / 5 years ago

Rosneft CEO says will honour supply contracts - Spiegel magazine

FRANKFURT, Aug 31 (Reuters) - Russian oil and gas companies will honour their supply contracts despite tensions with the West and U.S. and European Union sanctions, Igor Sechin, head of Russian oil company Rosneft, told German magazine Der Spiegel.

“Rosneft and other Russian companies will strictly adhere to their supply contracts that are secured by loans and contractual penalties,” weekly Der Spiegel quoted Sechin as saying in an article published on Sunday.

“As an international public company, Rosneft is listed on the London stock exchange and adheres to its standards,” he added.

Ukraine warned Europe on Wednesday that Russia could cut off gas to the continent this winter, but Moscow said the supplies would continue regardless of the political situation.

Sechin also said a decline in German exports to Russia meant that Rosneft, the world’s top listed oil producer, was buying engineered products elsewhere.

German exports to Russia fell 15 percent in the first five months of the year, and the standoff between Russia and the West has increased uncertainty among companies.

“Of course the Germans make good drilling equipment and pipe systems. But if the Germans don’t want to deliver we will just buy from South Korea or China,” Sechin said. (Reporting by Maria Sheahan; Editing by Hugh Lawson)

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