We use cookies on this website to improve the user experience. At the same time, the composition of the beneficiaries were not disclosed as it was known that the oil company had previously committed to pay $180 million for the right to be the general sponsor of the 2014 Winter Olympics in Sochi. Rosnft', IPA:[rosneft] stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. In this case, sanctions are likely to cause more serious damage to the Russian company. After the seizure of Rosneft's assets in the United Kingdom and the denial of an appeal by the Supreme Court of the Netherlands, Rosneft said that Yukos Capital paid Yuganskneftegaz its debt of 12.9 billion ($426M). The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. 1996-2023 Maritime Activity Reports, Inc. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. ", "Rosneft and BP Form Global and Arctic Strategic Alliance", "BP, Russian Billionaires, and the Kremlin: A Power Triangle That Never Was", "ExxonMobil in $3.2bn Rosneft Arctic pact", "Rosneft Teams Up with Exxon Mobil in Arctic Deal", "Rosneft and ExxonMobil to Develop Black Sea Resources", "U.S. will not give Exxon permission to drill in Russia", "Taking a stake in Rosneft is a big gamble for BP", "Sechin points to multi-billion TNK-BP synergies", "Rosneft pays out in historic TNK-BP deal completion", "BP to offload stake in Rosneft amid Ukraine conflict", "Asian Buyers Trying to Back Out of Purchases of Russian Oil Grade", "Rosneft replaces departed western board members", "Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia, Against Arms or Related Materiel Entities, and those Undermining Ukraine's Sovereignty", "Treasury Targets Russian Oil Brokerage Firm for Supporting Illegitimate Maduro Regime", "U.S. Imposes Sanctions on Russian Oil Company Supporting Venezuela's Leader", "EU introduces additional sanctions against Russia", "Germany: Rosneft Acquires 50% Of Ruhr Oel GmbH", "Rosneft sells Venezuelan assets to Russia after U.S. sanctions ramp up", "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic", "Russian ex-minister Ulyukayev gets eight years for bribery", "Ex-minister's harsh jail sentence sends shockwaves through Russian elite", "Ex-Russian minister Ulyukayev faces bribery charges, pins blame on Rosneft head and Putin ally | DW | 16.08.2017", "Why Russia has so many oil leaks | DW | 29.03.2021", "Russia's Rosneft charged over pipeline leak that caused oil to come out of taps", "Announcement Of Additional Treasury Sanctions On Russian Government Officials And Entities", "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine", "U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs", "BP, Russian billionaires, and the Kremlin: a Power Triangle that never was", Rosneft Oil production, refining, reserves and capex by division, segment and period (Grmike, wikinvest), Yahoo! visit. They include RN-Kart Ukraina LLC, TNK-Industries Ukraine, Aviation Fuel Company LLC and Glusco Retail LLC. Rosneft's core activities include oil and gas production, refining and export. You are offered better than market conditions and a significant profit. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. About 100 employees of Saratov Refinery took part in cleaning up the pine forest, place of resort of Saratov citizens. On 29 September 1995, an Order of the Government of Russia No. "[36], A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. [29], Rosneft announced a placement value of US$5.857.85 per share and global depository receipt (GDR), based on the company's capitalization after consolidation of US$6080 billion. [96] However, in early November 2006, a number of journalists pointed out that the Priobskoye oil field of which it is owned by RN-Yuganskneftegaz, a subsidiary of Rosneft acquired from Yukos, produced the largest oil fracture in Russia with specialists of Newco Well Service. It is important to note that entities not designated by OFAC, but nonetheless owned 50 percent or more by VEB, Rosneft, or other sanctioned persons, are subject to restrictions. Help us to improve ResourceData.org by taking a short Sustainable Development Support for International Sustainable Development Initiatives The first well could be drilled in 2012. [105], On February 18, 2020, the US Department of the Treasurys Office of Foreign Assets Control (OFAC) added Rosneft Trading S.A., a Swiss subsidiary of Rosneft, and its president Didier Casimiro to the Specially Designated Nationals (SDN) list. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership. Rosneft owns as well a 50% stake in Ruhr Oel GmbH,[72] the owner of stakes in four refineries in Germany with overall capacity of 23.2million tonnes. bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. In July 1998 the Russian government tried to sell Rosneft, but it failed. Fourteen Russian subsidiaries of Rosneft and two . Nayara, which is 49.13 per cent owned by Rosneft, operates a 20 million tonnes-a-year oil refinery at Vadinar in Gujarat and has a growing network of petrol pumps. 2. Since 2015, Rosneft started supplying aviation fuel for Sukhumi Babushara Airport.[35]. At the oral hearing, Rosneft's lawyers requested that the trusteeship of the subsidiaries Rosneft Germany and RN Refining & Marketing, which had been ordered in September, be lifted. Lebedi village, place of resort of the citizens. 37prospecting and exploration wells tests were completed with a success rate of 89%. See our previous advisory. The event was supported by the Russian Federation Ministry of Natural Resources, the Russian Federation Ministry of Regional Development, regional government executive bodies, and by non-governmental organizations. 13850 for operating in the oil sector of the Venezuelan economy. [9][10], Rosneft struggled financially and operationally during the 1998 Russian financial crisis with decreased production due to poor assets and decreased retail sales with an underused refining capacity. The 14 parties subject to this license requirement are: 1) Private Joint-Stock Company Mako Holding; 2) Airfix Aviation Oy 3) IPP Oil Products (Cyprus) Limited 4) Open Joint Stock Company Kontsern Izhmash 5) Izhevsky Mekhanichesky Zavod JSC 6) Set Petrochemicals Oy 7) Southeast Trading Oy 8) Southport Management Services Limited Rather, persons on the SSI List are subject to a more calibrated set of sanctions, set out under four OFAC directives, that are intended to cut off access to certain types of financing and, in the case of designated energy companies, to also restrict access to US exports. SSI Designations OFAC added 18 majority-owned subsidiaries of VEB and 17 majority-owned subsidiaries of Rosneft to the SSI List pursuant to EO 13662. [53] On 30 August 2011, Rosneft announced that instead of BP the partner for EPNZ-1, EPNZ-2 and EPNZ-3 in the Kara Sea will be ExxonMobil. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. See alsoFAQs 398 and 400 for information regarding dealings with blocked persons representing non-blocked entities. countries. Vagit Y. Alekperov: The founder of major Russian oil company Lukoik. The refineries are able to process about 45% of crude oil produced by Rosneft as a whole. [citation needed], In May 2007, Rosneft won a number of auctions for the sale of Yukos' assets, including five refineries and oil companies Tomsk Oil Company and Samara Oil and Gas Company, making it the largest oil company in Russia. Registered in the Canton of Geneva, Switzerland as a trading company in January 2011, Rosneft Trading S.A. was created to assist Rosneft Oil Company in carrying out its foreign projects. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. Most of them are unorganized tourists, who unfortunately damage the park by litter. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. Energy Information Administration (EIA). [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. In Eastern Siberia and the Far East, the total increase in reserves amounted to 21.2million tons of oil and condensate and 29billion cubic metres (2.91010 cubic metres) of gas. [11], In October 1998, the Russian government appointed Sergey Bogdanchikov as president. You can also follow us on Twitter (@SteptoeIntlReg). [46], In May 2018, it was announced that the Qatar-Glencore consortium is cancelling the plan to sell a $9.1 billion (14%) stake of Rosneft to CEFC China Energy. The company also accounts for 6% of global oil production. OFAC added VEB and Rosneft to the SSI. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. However, Rosneft refused to publish its information of top managers, citing that it is only applicable to "state companies (corporations) and other organizations created by federal laws," to which it does not believe itself to be. In 2011, according to a survey conducted by the Federal Service for Supervision in the Sphere of Nature Management (Rosprirodnadzor) in Khanty-Mansi Autonomous Okrug, Rosneft allowed 2,727 oil spills, which is 75% of the total number of spills that occurs under the company. [93][94] The Hydrometeorological Centre of Russia has estimated that 4.5m tonnes of oil are spilled on the Russian mainland every year, that's seven times the BP Deepwater Horizon spill in the Gulf of Mexico in 2010. 11 exploration well tests were completed with a success rate of 55%. Subsequently, Rosneft filed a lawsuit against Yukos in connection with the use of the understated transfer prices for the purchase of oil from Yuganskneftegaz prior to its breakup. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. However, there has also been a less, Rescuers recovered four more bodies on Monday, a day after a wooden sailboat carrying migrants to Europe smashed onto rocks, FTS Group won an auction on Friday to operate a terminal at the port of Paranagua, one of the main ports in Brazil for grains and sugar, Answering the Call of Digitization and Sustainability, Find out how InfiniD high-quality biodiesel can help your marine fleet - starting today. OFAC identified certain practices from the financial and international trade sectors that are intended to omit or obfuscate references to Crimea and locations within Crimea. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. OFAC specifically has included these 35 entities to the SSI List in order to assist the public to more effectively comply with the sanctions on VEB and Rosneft. Most of Rosneft's current assets were established during the Soviet era. 13850 necessary for the wind down of transactions involving Rosneft Trading S.A. or TNK Trading International S.A., or any entity in which Rosneft Trading S.A. or TNK Trading International S.A. owns, directly or indirectly, a 50 percent or greater interest, through 12:01 a.m. eastern daylight time, May 20, 2020. 13662 under the Ukraine-/Russia-related sanctions program, those winding down transactions with Rosneft Trading S.A. or TNK Trading International S.A. should ensure that all activities comply with any applicable Directive 2 and 4 prohibitions, because General License 36A only authorizes certain activities necessary to the wind down of transactions prohibited by E.O. Note that unlike Directive 1, there are no restrictions in dealing in the sanctioned persons equity, and that the maturity threshold for restricted debt (90 days) is greater than that under Directive 1 (30 days). 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