According to Vedomosti, the Ministry of Natural Resources has prepared a draft resolution for the Russian government to cancel the confidentiality of crude oil and gas reserves. The paper reports that this initiative had already been mentioned by President Vladimir Putin on 13 February.
Disclosing reserves would improve the transparency of the entire sector, and that would be beneficial for Russian oils in general. We remind readers that Putin has also suggested developing a new classification for reserves, similar to international standards.
In our view, the news will not trigger any market reaction at this stage.
Dmitry Loukashov, Alexander Kirevnin, Ekaterina Rodina, Elena Kopylova
VTB Capital analyst
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