2. OAO Rosneft Oil Company Company Profile. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. Oil workers intend to participate in supporting natural environment of the park in future. 11 exploration well tests were completed with a success rate of 55%. The government has now placed two Rosneft subsidiaries under the trusteeship of Germany's energy regulator, meaning that three critical refineries are now controlled by Germany. [citation needed], In 2005, Rosneft acquired a 25.94% stake in the company Verkhnechonskneftegaz[14] and became the leading oil company of Russia in terms of production. 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. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. The replacement factor for new reserves has been significantly above 100% for over ten years. [24] In June, Rosneft paid $731million for the transportation assets of Yukos, which had declared bankrupt in August 2006 after three years of litigation over tax arrears. Key Points. Five new deposits with reserves of 39million tons of oil equivalent were discovered. 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. [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. Sustainable Development Support for International Sustainable Development Initiatives [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. Rosnft', IPA:[rosneft] stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. 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. Remember about the Gas Do not buy Russian goods! 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. 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. [59] BP will receive in exchange of its stake $12.3billion of cash and 18.5% of Rosneft's share, while ARR will receive $28billion in cash. 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. Natural gas transmission system of Ukraine, 20222023 RussiaEuropean Union gas dispute, International sanctions during the Russo-Ukrainian War, International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Rosneft&oldid=1138743601, Companies listed on the London Stock Exchange, Russian entities subject to the U.S. Department of the Treasury sanctions, CS1 maint: bot: original URL status unknown, Short description is different from Wikidata, Articles containing Russian-language text, Articles with unsourced statements from November 2020, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from January 2015, Articles with unsourced statements from March 2018, Articles lacking reliable references from May 2018, Articles with Russian-language sources (ru), Creative Commons Attribution-ShareAlike License 3.0, Gennady Bukaev Vice President, Head of Internal Audit, Yury Narushevich Vice President for Internal Services, Zeljko Runje Vice President for Offshore Projects, Yuri Kurilin Vice President, Chief of Staff, Andrey Shishkin Vice President for Energy, Localization, and Innovation. [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. 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. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. survey. Rosneft Deutschland GmbHBehrenstrae 1810117 BerlinGermany. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. 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. Help us to improve ResourceData.org by taking a short However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. After the expiration of this authorization, unless exempt or authorized by OFAC, U.S. persons will be prohibited from engaging in transactions with 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, and must block property or interests in property of Rosneft Trading S.A. and TNK Trading International S.A. that are in, or come within, the United States, or the possession or control of a U.S. person. visit. Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. 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. [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. 1996-2023 Maritime Activity Reports, Inc. Energy Information Administration (EIA). [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. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership. 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. 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. [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 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. [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. 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). After acquiring OJSC TNK-BP in 2013, then one of the largest oil companies of Russia, Rosneft became the world's largest publicly traded petroleum company. The cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. [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. Lebedi village, place of resort of the citizens. It was planned to place shares for at least US$8.5 billion in order to repay loans to Western banks, including interest and taxes. One hundred and forty-nine questions were asked for each assessment and for each 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 . In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. 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]. By Joseph R. Fonseca The plaintiffs claim this is unlawful. The owners are opposing this in court. - Advertisement -. 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. [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. Mr. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in For information about the categories of personal information we collect from visitors to this website and the purposes for which that information is used, visit our Privacy Policy. "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." [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. The restrictions do not apply to gas projects. [30], On 14 July, the official results of the placement value were announced. 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, 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. 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. [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. [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. 971 transformed Rosneft into an open joint stock company. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia. [4] In March 2007, Rosneft had announced it hoped to increase production from 80million tonnes to 103 million tonnes from 2006 to the end of 2007, extract 140million tonnes of oil by 2012, and become a global top three energy company. This could also have consequences for consumers. 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, Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week. In 2013, oil workers planted about 5 thousand pine plants in the area of 6 hectares. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. As part of the project to develop the Gudauta area on the Black Sea shelf, Rosneft will carry out a full range of geophysical and geochemical research, conduct 2D and 3D seismic surveys, and start preparations for exploratory drilling. Since 2015, Rosneft started supplying aviation fuel for Sukhumi Babushara Airport.[35]. These EOs respectively target persons involved in destabilizing Ukraine (EO 13660); Russian government officials and persons operating in the Russian arms sector (EO 13661); and persons operating in Crimea (EO 13685). 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. [51] AAR, which represents four billionaires of Russian origin and is BP's Russian partner in the TNK-BP joint venture, blocked the BPRosneft deal in international courts, arguing it breached earlier contracts between BP and AAR. Cooperation with the park in future of mini-refineries in Abkhazia placement value were announced summerhouses and.... And was sanctioned by the EU on September 8 2014. survey EU on September 8 2014..... 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