Arkady Dvorkovich said the Finance Ministry proposed raising the cutoff price for paying into the Stabilization Fund from $20 to $21 for a barrel of oil

Thursday, December 12, 2019

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Arkady Dvorkovich, head of the presidential expert department, said the Finance Ministry proposed raising the cutoff price for paying into the Stabilization Fund from $20 to $21 for a barrel of oil. "Therefore, some funds will be freed for increased budgetary expenditures on different types of infrastructure, including transportation infrastructure," he said. He said the development of transportation infrastructure should be financed from the budget, not from the Stabilization Fund, as many experts think. At the same time, Mr. Dvorkovich noted that budgetary funds would not be enough to solve all transportation problems and because of this, it is very important to attract private investments. Answering a question about whether private investments would be used for the construction of pipelines, Mr. Dvorkovich said that Transneft would primarily fund this construction. "The majority of the expenses will be covered by Transneft," he said, "including its own money and its loans." According to him, Transneft will decide whether to seek private investments and the amount of private investments in the construction of pipelines. Mr. Dvorkovich said a state-private partnership would be used to construct ports and airports and build toll roads. "I am convinced that this [state-private partnership] is possible in all spheres," he said. "But the government will most likely start with these projects [ports, airports and toll roads]. "The state does not have enough resources to develop transportation infrastructure and create safe and reliable transportation. "Because of this, it needs to attract as much private financing, technology and intellectual resources as possible to help accomplish this task."

Print Arkady Dvorkovich said the Finance Ministry proposed raising the cutoff price for paying into the Stabilization Fund from $20 to $21 for a barrel of oil

Bookmark Arkady Dvorkovich said the Finance Ministry proposed raising the cutoff price for paying into the Stabilization Fund from $20 to $21 for a barrel of oil