Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years. 13850. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. . 37prospecting and exploration wells tests were completed with a success rate of 89%. Young professionals from Ryazan Oil Refinery took part in domestic garbage collection within the grove on Beryozovaya street, one of the top destinations among Ryazan citizens. As FAS has calculated, these actions led to an increase in prices in the wholesale markets of motor gasoline, diesel fuel, and aviation kerosene in the first half of 2009. 13850 blocking sanctions apply only to Rosneft Trading S.A. and 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. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. While entities owned 50 percent or more by these newly designated entities already were subject to sanctions under the 50 percent rule because of VEBs or Rosnefts ownership interest see OFAC FAQ #401 the new designations add clarity. By December 2016, the number of individual shareholders was 138,000, with Rosneftegaz owning only 50% of the shares, BP owning 19.75%, and 30.25% owned by other shareholders. [99][100] On February 24 2022, his son Ivan Sechin was also sanctioned by the U.S.[101] On February 28 2022, Igor Sechin was subjected to travel restrictions and had his assets frozen by the EU. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. E-Mail: info@rosneft.de Press Contact. [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. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. The company has surprised many in overcoming these constraints and by aggressively expanding its international business. survey. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. The 29 parties are located in the Crimea region of Ukraine, Cyprus, Finland, Romania, Romania, Russia, Switzerland, Ukraine, and the United Kingdom (British Virgin Islands). From 2009 to 2010, Rosneft remains one of the largest customers of the oilfield services company Schlumberger, which specializes in hydraulic fracturing. [86], On August 9 2010, a former subsidiary of Yukos, Yukos Capital Sarl of Luxembourg, was seeking to have Rosneft repay the debts of companies that previously belonged to Yukos. OFAC provided the following examples of compliance measures that may mitigate these risks of violating US sanctions involving Crimea: Companies should tailor compliance measures to correspond with their specific US sanctions risk profile. U.S. persons, therefore, are not prohibited under E.O. OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. The restrictions do not apply to gas projects. The Company's refining block includes 13 large refineries as well as petrochemical and gas processing facilities located in 5 Federal Districts: Central, Volga, Southern, Siberian, and Far Eastern. [103] Rosneft was added to the SSI on July 16 2014,[104] and was sanctioned by the EU on September 8 2014. We work with innovative agents of change within government ministries, civil society, the media, legislatures, the private sector, and international institutions to promote accountable and effective governance in the extractive industries. [4], Rosneft was established in 1993 as a unitary enterprise with assets previously held by Rosneftegaz, the successor to the Soviet Union's Ministry of Oil Industry. Rosneft is headquartered in Moscow, Russia. The newly designated entities, along with all other entities owned 50 percent or more by VEB or Rosneft, already were subject to sectoral sanctions (described below) pursuant to OFACs 50 percent rule. For the fifteen Russian subsidiaries of Rosneft and energy sector entities added to the Entity List based on activities described in Executive Order 13662, the Entity List imposes a license Start Printed Page 52966 requirement for the export, reexport or transfers (in-country) of all items subject to the EAR to those companies when the exporter, 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. 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. At the moment, Rosneft is under sectoral sanctions only. Persons on the SSI List, unlike those on the SDN List, do not face an asset freeze and US persons are not prohibited strictly from dealing with them. Ulyukayev was seen as an economic liberal, Igor Sechin is viewed as a hawk, who supports greater state control over the economy. 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. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. Ulyukayev, while influential, was not part of President Putin's inner circle.[89]. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. Note that the license requirement applies toallitems subject to the EAR and not only to the items specified in Part 746.5(a). As of year-end 2010, Rosneft's total proved oil and gas reserves under PRMS classification were 22.8 billion barrels (3.62billion cubic metres) of oil equivalent, among the highest for a publicly traded petroleum company worldwide. OAO Rosneft Oil Company Company Profile. [4], From 2002 to 2004, the main objectives of the company were to strengthen control over its assets, reduce the debt burden, and to obtain licenses in Eastern Siberia. 13850. The Federal Ministry of Economics had classified the two Rosneft . [4][5], Rosneft is the third largest Russian company and the second-largest state-controlled company (after Gazprom) in Russia in terms of revenue (4,134 billion). Under Directive 1, as amended, US persons are prohibited from transacting or dealing in new debt with a maturity of 30 days or new equity issued by an entity on the SSI List. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. The Company's refineries in Russia refined 93.0 mmt in 2020. Your feedback is important to us. ONGC Videsh has developed strong partnership alliance with a host of IOCs and NOCs including ExxonMobil, British Petroleum, Shell, ENI, Total, Repsol, Equinor, MOL, Petrobras, Sodeco, AzACG, Rosneft, ADNOC, Posco International, Petro Vietnam, CNPC, Sinopec, PDVSA, Petronas and Ecopetrol. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. All 14 parties were already designated by the US Treasury Departments Office of Foreign Assets Control (OFAC) as Specially Designated Nationals (SDNs), meaning that US persons generally are prohibited from dealing with such parties and must block their property and interests in property if it comes within the United States or within the possession or control of a US person. In 2007, the former assets of Yukos provided 72.6% of oil and gas condensate production and 74.2% of Rosneft's primary refining. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. [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. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. The announced amount could increase by another US$400 million if the global placement coordinators realize the option of buying another 53 million GDRs of Rosneft at the price of placement within 30 days. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. The licensing requirements imposed by BIS on the 29 parties are as follows: BIS has imposed a license requirement on the export, reexport, or transfer (in-country) ofallitems subject to the EAR on 14 of the 29 parties added to the Entity List, with a presumption of denial. [106], As of 1 May 2014, the heads of Russian state corporations would provide information about their incomes and property to the Russian government to correspond to the presidential decree Anti-Corruption Issues, which was published on 8 July 2013. About 100 employees of Saratov Refinery took part in cleaning up the pine forest, place of resort of Saratov citizens. 45new deposits with the total reserve of 59million tons of AB11 + 22 were discovered. Companies of the Rosneft Group take part in this event for the second consecutive year. However, this did not prevent the company from providing information regarding the incomes and property of Rosneft's top managers and their relatives to "competent authorities" in the prescribed "time and amount". [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. This document is part of the source library for NRGI's 2017 Resource Governance Index, a comprehensive measure of the quality of natural resource governance in oil, gas and mineral-rich countries. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. [36], In September 2010, Eduard Khudainatov replaced Sergei Bogdanchikov as CEO of the company.[37]. According to Kommersant, the Murmansk terminal can be used as a platform for Rosneft's activities in the Arctic. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. [66], The Trump administration expanded further sanctions on its Swiss-incorporated company (Rosneft Trading S.A.) and its president Didier Casimiro on 18 February 2020, for supporting Venezuela's Nicols Maduro regime by operating in the oil sector of the Venezuelan economy. The 15 parties subject to this license requirement are: Ms. Test advices clients on issues relating to licensing, regulatory interpretations, enforcement actions, internal investigations and compliance audits, as well as the design, implementation and administration of compliance programs. 30 Rosneft Subsidiaries in All-Russian Environmental Cleanup Day By Joseph R. Fonseca September 2, 2014 Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin. You are offered better than market conditions and a significant profit. 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. In July 1998 the Russian government tried to sell Rosneft, but it failed. Including a broad list of search terms covering major geographic locations (including cities and ports) in Crimea and not simply references to Crimea in transaction monitoring systems; Requesting additional information from parties with a history of violating or attempting to violate US sanctions on Crimea; and. In 2019, utilizing flight-tracking databases, Reuters identified dozens of flights by Rosneft jets over a four-year period that flew during Russian holidays or weekends. On July 30, 2015, OFAC added 11 individuals and 15 entities in Russia and Ukraine to its Specially Designated Nationals and Blocked Persons List (SDN List). The proceedings could also affect consumers in Germany: If the court upholds . Rosneft is the largest refining company in the Russian Federation. It also involves in refining, transportation, and sale of petroleum products. 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. [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. Headquarters Russia Address Sofiyskaya Naberezhnaya, 26/1, Moscow, 117997 Website www.rosneft.ru Telephone 7 499 5178899 No of Employees 334,600 Industry Energy and Utilities Ticker Symbol & Exchange ROSN (MCX) Revenue (2022) $118.9B 52.2% (2022 vs 2021) EPS XXX Net Income (2022) XXX 568.9% (2022 vs 2021) [30], On 14 July, the official results of the placement value were announced. [76], Prior to the initial public offering (IPO) in 2006, all of Rosneft's shares were owned by the Russian government through its holding company JSC Rosneftegaz. Key Points. 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. [71][75] In March 2020, the company stopped its operations in Venezuela and sold all of its assets in the country to another unnamed company that is owned by the Russian government. 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. The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. [61] The deal was completed on 20 March 2013. On this Wikipedia the language links are at the top of the page across from the article title. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in Shares were priced at US$7.55, almost at the upper end of the price band, resulting in Rosneft's capitalizationtaking into account the upcoming consolidation of its subsidiariesat a value of US$79.8 billion, making Rosneft surpass Lukoil as the largest oil company in Russia. Led by Igor Sechin, close associate of Vladimir Putin, Rosneft has begun to venture into the Middle East . In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. Rosneft's subsidiaries play an important role in Venezuela's oil sector. bp will no longer report reserves, production or profit for Rosneft. As a result, US companies as well as foreign companies conducting business in or through the United States may not realize that they are directly or indirectly engaging in a transaction involving an individual or entity in Crimea. [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. The replacement of hydrocarbon reserves of industrial categories ABC1 amounted to 354million TOE or 126% of the production in Russia. The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. Rosneft is the third-largest company in Russia by revenue and is ranked in the Forbes Global 2000 List 2022 as one of the largest public companies in the world. 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). These refineries . Both bp-nominated directors to resign from Rosneft board with immediate effect. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. The following entities that are 50 percent or more owned by Rosneft are added to the SSI List subject to Directives 2 and 4: OFAC Advisory Regarding Crimea Sanctions Evasion. The three German refineries in which Rosneft Deutschland GmbH has a stake are among the most technically advanced facilities in Western Europe. In July 2015, however, the new President of Abkhazia, Raul Khajimba, who replaced Alexander Ankvab after his resignation, spoke out against the exploration and production of oil on the offshore shelf of Abkhazia and asked the People's Assembly to consider the possibility of establishing a "commission for the comprehensive study of issues related to the conclusion of contracts for exploration and production hydrocarbons by the previous Abkhaz leadership. See our previous advisory . Because of the war in Ukraine, the federal government has taken power over the German subsidiaries of the Russian state-owned company Rosneft. This could also have consequences for consumers. "[31][32], Rosneft's IPO became the largest in the history of Russia and the fifth in the world in terms of the amount of money raised at the time. Download the Brief The Issue In 2014 Russia's national oil champion, Rosneft, was hit by the twin shocks of a global oil price collapse and Western economic sanctions. See our previous advisories here and here for more details. The designations targeting VEB and Rosneft subsidiaries do not impose new restrictions, but rather are intended to assist US persons in identifying sanctioned persons; as noted above, all entities owned 50 percent or greater by VEB or Rosneft, and now of course by these newly-identified entities, are subject respectively to Directive 1 (for VEB subsidiaries) and Directives 2 and 4 (for Rosneft subsidiaries). In the first half of the 2000s, Sergei Bogdanchikov, then president of Rosneft, along with some journalists and experts, criticized Yukos and Sibneft for their use of hydraulic fracturing. [49][48] As part of the deal Rosneft was to receive 5% of BP's shares, worth approximately $7.8billion, as of January 2011 and BP would get approximately 9.5% of Rosneft's shares in exchange. The additions were made to ensure the efficacy of existing US sanctions on Russia. In the Samara Region, Samaraneftegaz employees carried out site improvements within the Samara Bend national park, natural and cultural site, which receives more than million visitors per year. OFAC added VEB and Rosneft to the SSI List in July 2014. Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin in the east to the Arkhangelsk Region in the west, took part in the All-Russian Environmental Cleanup Day Green Russia. [62], On 27 February 2022, BP announced that it would divest its 19.75% stake in Rosneft in response to the Russian invasion of Ukraine that took place in February 2022. Total crude oil output reached 847.4 million barrels (134.73million cubic metres) of oil and gas condensate. Rosneft: Contributing to Implementation of UN Sustainable Development Goals ESG Equity For Insiders Shareholder's Personal Account General shareholders' meeting Dividends Questions and answers for shareholders Investor tools Contacts Beware of fraud! Besides, Ryazan Oil Refinery has been taking part in domestic garbage collection and green planting organization on city centre streets for 12 years. 613 July 22, 2013 which includes Rosneft, "are subject to placement in the information and telecommunications network 'Internet' on the official websites of these organizations."[107]. [50][48] According to the deal, the two companies would create an Arctic technology centre in Russia to develop technologies and engineering practices for safe arctic hydrocarbons extraction. You can also follow us on Twitter (@SteptoeIntlReg). [85], In October 2009, the Federal Antimonopoly Service (FAS) imposed on Rosneft a record fine of 5.3 billion ($175M) for violating anti-monopoly legislation. As of September 2012, Rosneft had over 160,000 shareholders. 971 transformed Rosneft into an open joint stock company. See alsoFAQs 398 and 400 for information regarding dealings with blocked persons representing non-blocked entities. The company, during this time, managed to restore its status after its rough start in the 1990s with the acquisition of Krasnodar Oil and Gas Company in 2002 and Northern Oil Company in early 2003. Ulyukayev retorted that the "fabricated" accusations of bribery were "based solely on Sechin's claims," and that the whole exchange had been engineered by the Russian Federal Security Service, the successor of the KGB. On February 18, 2020, OFAC designated Rosneft Trading, S.A. (Rosneft Trading), a subsidiary of Russia-based Open Joint-Stock Company Rosneft Oil Company (Rosneft Oil Company), and its president, Didier Casimiro, on the SDN List for brokering crude oil shipments from Venezuelaactivities that are restricted under E.O. The offer failed to attract any customers. - Advertisement -. Subscribe to Maritime Reporter Email News. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. [52] The TNK-BP partners had previously signed a shareholding agreement which stipulated that their Russian joint venture would be the primary corporate vehicle for BP's oil and gas operations in Russia. countries. The main activities of JSC Samotlorneftegaz, which owns 9 license areas, are exploration and development of oil and gas fields, drilling of parametric, prospecting, exploration and production wells, production, preparation, processing, transportation and sale of hydrocarbon raw materials, development of oil and gas fields. [6] Internationally, it is one of the largest oil companies, ranking 24 in terms of revenue. This document is part of the source library for NRGI's 2017 Resource Governance Index, Russian energy company headquartered in Moscow, Rosneft Headquarters, Sofiyskaya Embankment, Moscow, September 2005, Arctic shelf deals with BP and ExxonMobil, Specially Designated Nationals (SDN) list, List of oil exploration and production companies, " ", " 400 - ", "Sale of top Russian business newspaper 'Vedomosti' complete", "Comparing the 1998 and 2014 Ruble Crises", "Rosneft as a Mirror of Russia's Evolution", Carnegie Endowment for International Peace, "Russia's Rosneft Aiming to Become Top Global Oil Company", "Russia's Rosneft, China's CNPC in talks on upstream pact, deals possible by May: reports", "Putin's Advisor Calls Yuganskneftegaz Sale "Fraud of the Year", "Investors eagerly await Rosneft IPO, Petronas among bidders", "Rosneft, partners buy Essar Oil for $13 billion in largest FDI deal", "Memos: CEO of Russia's state oil company offered Trump adviser, allies a cut of huge deal if sanctions were lifted", "How Russia sold its oil jewel: without saying who bought it", "Glencore: "" 10,2 ", "Opaque Chinese oil group makes clear gains in former Soviet bloc", "Why an Enigmatic Chinese Company Just Spent $9 Billion on a Stake in Rosneft", "Qatar and Glencore scrap plan to sell $9bn Rosneft stake to CEFC", "Rosneft's offshore partnerships: The re-opening of the Russian petroleum frontier? 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