[79], Members of the board of directors (as of June 2022):[80], In 2011, according to Rosneft, the company had donated $422 million to charity, 4 times than the previous year, becoming the leading Russian company devoted to philanthropy that year. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. [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. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. [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. The newly designated port or sea ferry operators are now also subject to an asset freeze, and US persons are prohibited from dealing with them, including participating in any way with offshore transactions involving the port and identified ferry operators. Most of Rosneft's current assets were established during the Soviet era. See our previous advisory. The evasive practices of third parties identified by OFAC may cause US companies and foreign companies doing business in US, notwithstanding their existing compliance controls, to engage in activities that are in violation of US sanctions, which are strict liability regimes that do not take intent into account for civil violations. natural resource governance in oil, gas and mineral-rich The company has surprised many in overcoming these constraints and by aggressively expanding its international business. [16] By the same year, Rosneft produced 100 million barrels of oil, 20% of Russia's output at the time. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. 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. Rosneft Deutschland . Rosneft is also among the largest natural gas producers in Russia, with a total gas production of 12.3billion cubic metres (1.231010 cubic metres) in 2010. The area of more than 1 thousand square m has been cleaned up. 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. 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. this operation was directed by Russian authorities in order to nationalize Russia's oil and gas industry. The head of Rosneft's Norwegian subsidiary points to the North Sea where Norway and Great Britain for nearly five decades have drilled for oil, but where standards are still very different. 3. [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. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. The event was accompanied by musical bands performances. countries. [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. OAO Rosneft Oil Company Company Profile. 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". 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). [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. Later their number was halved as a result of acquisitions. Rosneft is headquartered in Moscow, Russia. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. 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. The company also accounts for 6% of global oil production. 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. The replacement factor for new reserves has been significantly above 100% for over ten years. 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. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. 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]. The owners are opposing this in court. [71][72], In 2016, based on geological prospecting, 13oil fields and 127new deposits[15] with the reserves totaling 207million tons of oil equivalent were discovered. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in
From 2009 to 2010, Rosneft remains one of the largest customers of the oilfield services company Schlumberger, which specializes in hydraulic fracturing. 49.4% of the total IPO volume accounted for four investors, including BP for US$1 billion, Petronas for US$1.5 billion, and the CNPC for $0.5 billion. OFAC has added the following entities that are owned 50 percent or more by VEB to the SSI List subject to Directive 1: Directive 2, as amended, prohibits US persons from transacting or dealing in new debt with a maturity of more than 90 days issued by a person on the SSI List. Nevertheless, the introduction of restrictive measures against its subsidiary can be seen as a signal from the US that sanctions against the Russian entity may be tightened. 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. The proceedings could also affect consumers in Germany: If the court upholds . Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. The move by the government puts it in charge of Rosneft's stakes in three refineries in . The replacement of hydrocarbon reserves of industrial categories ABC1 amounted to 354million TOE or 126% of the production in Russia. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. Previously, on February 18, 2020, OFAC placed Rosneft Trading S.A. (Rosneft Trading), a Swiss subsidiary of Rosneft, on the SDN List for purchasing, transferring, brokering, and otherwise facilitating the shipment of crude oil from PdVSA. Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. Furthermore, OFAC issued a Crimea sanctions advisory identifying certain practices used to circumvent or evade US sanctions involving Crimea, and advised companies to implement certain enhanced compliance measures that correspond with their US sanctions risk profile. 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. April 29 (Reuters) - Russian oil giant Rosneft (ROSN.MM) is not scheduled to export any diesel from the Baltic port of Primorsk in May as demand from Europe was set to decline amid tightening . Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving Crimea. She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. The employees annually participate in events aimed at sanitation, landscaping and site finishing, provide support to municipal formations. 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. [90] The 61-year-old claimed that Sechin had lured him to Rosneft's offices, where he was subsequently caught red-handed by the authorities with a bag of bribe money. 13850 from dealing with Rosneft Oil Company, its non-blocked subsidiaries, or non-blocked affiliates to the extent the proposed dealings do not involve any blocked persons or any other activities prohibited pursuant to any OFAC sanctions authorities. The offer failed to attract any customers. The Bundesnetzagentur (Federal . The parties stated their intention to develop mutually beneficial cooperation in areas as geological prospecting, development of oil and gas fields, production of hydrocarbons, and sale of oil, natural gas and oil products. [17], When the Great Recession struck Russia in late 2008, Rosneft was able to endure the economic pains by improving and strengthening business lines, management, and transparency, and as a result, became a leading oil company domestically and internationally. [18][19][20], Starting in 2004, the Russian government organized a series of auctions to sell the assets of Yukos Oil Company, of which Rosneft won the majority. [64], Following the 2022 Russian invasion of Ukraine more than half of Rosneft's 11-member board have quit, forcing the company into a major reshuffle at its annual general meeting on 30 June 2022. "[36], A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. [36], In September 2010, Eduard Khudainatov replaced Sergei Bogdanchikov as CEO of the company.[37]. It focuses on exploration and appraisal of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas, and refined products. As of September 2012, Rosneft had over 160,000 shareholders. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. 13850 for operating in the oil sector of the Venezuelan economy. [45], On 26 September 2017, the Russian government controversially approved the former German chancellor Gerhard Schrder as chairman of Rosneft. [41] Officially, the stake was split 50/50 between Glencore and Qatar, but Glencore contributed only 300 million and claims only a 0.54% stake. [58], On 22 October 2012, it was announced that Rosneft will take over TNK-BP International, a parent company of TNK-BP Holding, which is the third largest oil company in Russia. About 100 employees of Saratov Refinery took part in cleaning up the pine forest, place of resort of Saratov citizens. The Company is implementing Health, Safety and Environmental Policy, which in particular provides for increase of industrial and environmental safety of the Company production sites to the level complying with the best rates of world oil companies, constant development of the control system in the region of ISLPE, and decrease of industrial risks from newly introduced objects. Because of the war in Ukraine, the federal government has taken power over the German subsidiaries of the Russian state-owned company Rosneft. . 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. 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 "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." March 28, 2020. survey. See our previous advisories here and here for more details. Most of them are unorganized tourists, who unfortunately damage the park by litter. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. 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. OFAC has authorized a wind down period for both companies through 12:01 a.m. U.S. Eastern Time on May 20, 2020. [56] The deal also contains options for additional cooperation, such as extended exploration and production, deliveries to Rosneft's oil refinery in Tuapse, development of transport infrastructure and research on offshore oil production technologies. In July 1998 the Russian government tried to sell Rosneft, but it failed. [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. Type Public Status Active You are offered better than market conditions and a significant profit. [38], In the summer of 2012, Rosneft purchased a fuel oil terminal from the United Shipbuilding Corporation (USC) located on the territory of the Murmansk Ship Repair Plant No. 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, [21] According to some estimates,[who?] U.S. persons, therefore, are not prohibited under E.O. This document is part of the source library for NRGI's 2017 Resource Governance Index, On 15 October 2010, Russian President Dmitry Medvedev signed an agreement with President of Venezuela Hugo Chvez for the PDVSA to sell 50% of the shares of German company Ruhr Oel to Rosneft, giving Rosneft oil refining assets in Germany..mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription a,.mw-parser-output .citation .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}"Stake in Ruhr Oel GmbH". Five new deposits with reserves of 39million tons of oil equivalent were discovered. See our previous advisory . 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. [84], Rosneft has been ranked as among the 13th best of 92 oil, gas, and mining companies on indigenous rights and resource extraction in the Arctic. The 14 parties subject to this license requirement are: 1) Private Joint-Stock Company Mako Holding; 4) Open Joint Stock Company Kontsern Izhmash, 9) State Enterprise Evpatoria Sea Commercial Port, 10) State Enterprise Feodosia Sea Trading Port, 11) State Shipping Company Kerch Sea Ferry, 12) State Enterprise Kerch Sea Commercial Port, 13) State Enterprise Sevastopol Sea Trading Port, 14) State Enterprise Yalta Sea Trading Port. Taieb Belmahdi, a former executive at Qatar's state-owned QE, has been elected chairman of the board to replace ex-German chancellor Gerhard Schrder who stepped down in May. Rosneft. We will continue to keep you apprised of developments related to Russia/Ukraine sanctions. a comprehensive measure of the quality of - Advertisement -. 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. The plaintiffs claim this is unlawful. [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. The Company's refineries in Russia refined 93.0 mmt in 2020. The first well could be drilled in 2012. Export Controls, Economic Sanctions, Anti-Money Laundering, FCPA/Anti-Corruption, Economic Sanctions, Export Controls, Independent & Internal Investigations, FCPA/Anti-Corruption. E-Mail: info@rosneft.de Press Contact. [73][third-party source needed], Rosneft owns and operates seven large refineries in Russia with an aggregate annual capacity of 372 million barrels (59.1million cubic metres) and four mini-refineries. [25] In August, Bogdanchikov said that although the Yukos acquisitions had increased Rosnefts debt to $US26 billion, he planned to reduce debt to 30% of total assets by 2010 by tripling refining capacity and expand into China. 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). At the same time, Rosneft itself also purchases oil and gas from its subsidiary, Yuganskneftegaz, at transfer prices. 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