[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. 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 . According to Kommersant, the Murmansk terminal can be used as a platform for Rosneft's activities in the Arctic. [22], In 2005, Mikhail Khodorkovsky (former chairman of Menatep) and Platon Lebedev (business partner of Khodorkovsky) were sentenced to nine years in prison for fraud and tax evasion. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. See our previous advisories here and here for more details. The new designations and sanctions advisory demonstrate a continuing commitment by US authorities to enforce sanctions related to the situation in Ukraine. U.S. persons, therefore, are not prohibited under E.O. Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week. 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". On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. 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. On December 15 2017, a Moscow court sentenced Alexei Ulyukayev, a former Russian economy minister to paying 130M ($2.2M) and eight years in a penal colony for bribery and corruption. [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. Finally, the Crimea sanctions advisory is intended to assist the public in conducting reasonable due diligence and detecting sanctions evasion, and could portend future OFAC guidance regarding sanctions evasion generally. In this case, sanctions are likely to cause more serious damage to the Russian company. No license exceptions are available for exports, reexports, or transfers (in-country) to these 14 parties. The E.O. The three German refineries in which Rosneft Deutschland GmbH has a stake are among the most technically advanced facilities in Western Europe. The Tuapse Trough is estimated to contain 7.2billion barrels of oil equivalent. "[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. a comprehensive measure of the quality of Export Controls, Economic Sanctions, Anti-Money Laundering, FCPA/Anti-Corruption, Economic Sanctions, Export Controls, Independent & Internal Investigations, FCPA/Anti-Corruption. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. [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. Rosneft undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. Investors bought 1.38 billion shares for US$10.4 billion: 21% of the shares were bought by strategic investors, 36% from international investors from North America, Europe, and Asia, 39% from Russian investors, and 4% from Russian retail investors. [4], On 26 May 2009, a five-year cooperation agreement was negotiated between Rosneft and the Abkhazia's Ministry of Economy. Subscribe to Maritime Reporter Email News. The cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. From 2009 to 2010, Rosneft remains one of the largest customers of the oilfield services company Schlumberger, which specializes in hydraulic fracturing. As discussed above, EO 13685 prohibits US persons from engaging in virtually all direct or indirect transactions with persons or entities in Crimea, unless permitted by OFAC or a statute. [98], On 20 March 2014, the United States government sanctioned Rosneft CEO Igor Sechin in response to the Russian government's role in the ongoing unrest in Ukraine. State holding company Rosneftegaz has lowered its 50.33% direct stake to 40.4% with subsidiary RN-NeftKapitalInvest taking 9.6% and Rosneft unit RN-Capital 0.33%. [3][4], Rosneft was founded in 1993 as a state enterprise and then incorporated in 1995, acquiring a number of state-controlled gas and oil assets. Remember about the Gas Do not buy Russian goods! 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. Rosneft is headquartered in Moscow, Russia. We use cookies on this website to improve the user experience. This could also have consequences for consumers. [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. Rosneft's core activities include oil and gas production, refining and export. [69], Rosneft's daily average crude oil production in 2010 increased by 6.4%, to 2.3 million barrels (370thousand cubic metres). Ulyukayev, while influential, was not part of President Putin's inner circle.[89]. In response to the deal, Andrei Illarionov, then a senior Putin economic advisor, denounced it as "fraud of the year". 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. 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. According to experts on the Russian newspaper Vedomosti, the assets of Yukos, bought by Rosneft at auction organized by the state, went to the company at a discount of 43.4% of the market price of this property. U.S. persons should be mindful of the relevant Ukraine-/Russia-related prohibitions that would be applicable as a result of dealings with both Rosneft Oil Company, Rosneft Trading S.A., and TNK Trading International S.A. See, generally,FAQs370-373, 391-396, 405-410, 412-421, and 536-538 for prohibitions on U.S. persons dealing with entities listed on the SSI List. 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. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Key Points. 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. The Bundesnetzagentur (Federal . [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. [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). [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. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. OFAC also added 35 entities in Russia and Ukraine, all subsidiaries of Vnesheconombank (VEB) and Rosneft, to its Sectoral Sanctions Identifications List (SSI List). At the same time, Rosneft itself also purchases oil and gas from its subsidiary, Yuganskneftegaz, at transfer prices. 2023 Steptoe & Johnson LLP. It operates through. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. Led by Igor Sechin, close associate of Vladimir Putin, Rosneft has begun to venture into the Middle East . [4], In February 2009, a number of agreements were negotiated between Russia and China that provided a 20-year contract for an annual supply of 15 million tons of oil between the Chinese National Petroleum Corporation (CNPC) and Rosneft, cooperation between CNPC and Transneft to construct and operate a branch of the Eastern SiberiaPacific Ocean (ESPO) oil pipeline to China, and the provision of loans for US$25 billionUS$15 billion from Rosneft and US$10 billion from Transneftby the China Development Bank on the security of supplies. At least 13 flights went. 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At the moment, Rosneft is under sectoral sanctions only. 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. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in OFAC has authorized a wind down period for both companies through 12:01 a.m. U.S. Eastern Time on May 20, 2020. The first use of the name Rosneft dates back to the late 19th century, when exploration of oil fields in Sakhalin began in 1889. [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. These prohibitions apply with respect to all Crimean port operators and sea ferry operators. 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. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. 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. Note that the license requirement applies toallitems subject to the EAR and not only to the items specified in Part 746.5(a). [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. 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). Rosnft', IPA:[rosneft] stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. 13850 for operating in the oil sector of the Venezuelan economy. [16] By the same year, Rosneft produced 100 million barrels of oil, 20% of Russia's output at the time. A senior administration official said that the designation of Rosneft Trading S.A., a subsidiary of the Russia's Rosneft Oil Company, was "another major step forward toward achieving maximum . 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. [54][55], On 27 January 2011, Rosneft and the American company ExxonMobil signed a deal to establish a joint venture for the purpose of prospecting and extracting oil from the Tuapse field deepwater area on the Black Sea shelf, near the coast of the Krasnodar Krai. 13850. Individuals submitted applications for the purchase of 99,431,775 shares of the oil company, and as a result, most of the new shareholders were individuals; partly because of this IPO was given the unofficial name of "people's. [73][third-party source needed], According to Rosneft, the reserves increment in Western Siberia amounted to 133million tons of oil and condensate and 87billion cubic metres (8.71010 cubic metres) of natural gas. 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. 13850. CARACAS, Venezuela The Russian state-controlled oil firm Rosneft said Saturday it was ceasing operations in Venezuela and selling all of its assets in the country, signaling a . Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. 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. As Rosneft Trading S.A. and TNK Trading International S.A. are also identified on the Sectoral Sanctions Identifications List (SSI List) pursuant to Directives 2 and 4 to E.O. About 100 employees of Saratov Refinery took part in cleaning up the pine forest, place of resort of Saratov citizens. [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. 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. 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. 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. Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. [57] According to analysts, offshore areas are central to Rosneft's expansionist plans, and the company is looking for foreign cooperation to bring in new technology and share risks. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. Help us to improve ResourceData.org by taking a short 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. [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. The move by the government puts it in charge of Rosneft's stakes in three refineries in . The Entity List imposes a license requirement for the export, reexport, or transfer (in-country) of all items subject to the EAR to the 15 Rosneft subsidiaries when the exporter/reexporter, or transferor knows that the item will be used directly or indirectly in exploration for, or production of, oil or gas in Russian deepwater, Arctic offshore locations, or shale formations in Russia, or is unable to determine whether the item will be used in such projects. According to the director of the Russian branch of Transparency International, Elena Panfilova, improvement of such legislation is necessary so that state corporations can unequivocally interpret the norm on the publication of personal information. 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). [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. As Rosneft Trading S.A. and TNK Trading International S.A. are also identified on the Sectoral Sanctions Identifications List (SSI List) pursuant to Directives 2 and 4 to E.O. 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. 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. Rosneft Deutschland . Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. September 2, 2014. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. [4][15], In 2007, the company for the first time entered the annual list of one hundred most respected firms and companies in the world according to the weekly Barron's, in 99th place. 15 subsidiaries of Rosneft were also added to the Entity List. 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