Russia's Surgut Racks Up Savings

摘要

Russia's secretive Surgutneftegas, the country's third-largest crude oil producer, managed to boost its famous cash pile by 30%, in ruble terms, in 2015 despite being unable to increase net profits over the year because of poor macroeconomic conditions. Surgut had accumulated 2.47 trillion rubles ($38.4 billion) in its long-term banking deposit accounts as of Dec. 31, up from 1.9 trillion rubles at the end of 2014, according to the company's annual results under International Financial Reporting Standards. The sharp devaluation of the Russian currency against the dollar was one of the key factors contributing to the rise of the cash pile in rubles, since most of Surgut's funds are in dollars.