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. 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]. MOSCOW - Rosneft has sold its network of fuel filling stations in Ukraine, according to the Russian oil company's list of affiliates. 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. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. [61] The deal was completed on 20 March 2013. [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. Rosneft is also second-to-none in terms of total proved liquid hydrocarbon reserves. Mr. [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. 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. [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. 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. 15 subsidiaries of Rosneft were also added to the Entity List. 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. [6] Internationally, it is one of the largest oil companies, ranking 24 in terms of revenue. 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. Since the beginning of the year, with the use of specialized machinery they have collected and removed 70 tones of litter. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. 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. Rosneft is the largest refining company in the Russian Federation. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. The plaintiffs claim this is unlawful. [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. 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. Formal inclusion of some Rosneft subsidiaries in the list of entities that fall under sectoral sanctions is indicative of the ongoing illegitimate practice when the effects of political decisions are being extended to market players not influencing the decision-making. 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. [97] In 2007, the company planned to perform hydraulic fracturing of the formation at 440 wells. By the end of 2020, Rosneft's total . visit. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. Both bp-nominated directors to resign from Rosneft board with immediate effect. [21] According to some estimates,[who?] Your feedback is important to us. Subscribe to Maritime Reporter Email News. [43], On 2 October 2017, the PLA-linked CEFC China Energy[44] bought a $9 billion stake in Rosneft. [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. 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. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. OFAC added VEB and Rosneft to the SSI List in July 2014. Rosneft Oil Co. engages in the exploration, development, production and sale of crude oil & gas. [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. [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. The owners are opposing this in court. OFAC regulations define US persons to include US citizens, permanent resident aliens, entities organized under the laws of the United States, and persons located in the United States, but do not include foreign-incorporated subsidiaries of US companies. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. OAO Rosneft Oil Company Company Profile. The employees annually participate in events aimed at sanitation, landscaping and site finishing, provide support to municipal formations. The fine was imposed for the abuse of power in the petroleum market recorded in the first half of 2009, which was expressed in the "seizure of goods from circulation, which led to higher prices in the wholesale segment of the oil products market, creating discriminatory conditions for the sale of oil products to individual counter-parties." 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 One hundred and forty-nine questions were asked for each assessment and for each 2. [36], In September 2010, Eduard Khudainatov replaced Sergei Bogdanchikov as CEO of the company.[37]. [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. 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. 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. 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 . 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. 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. 1996-2023 Maritime Activity Reports, Inc. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. [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. Most of Rosneft's current assets were established during the Soviet era. [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. [11], In October 1998, the Russian government appointed Sergey Bogdanchikov as president. 13850. [45], On 26 September 2017, the Russian government controversially approved the former German chancellor Gerhard Schrder as chairman of Rosneft. 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. Edward J. Krauland represents clients on matters involving US and multilateral economic sanctions, dual use, defense and nuclear export controls, anti-money laundering (AML) compliance, anti-boycott, Meredith Rathbone counsels clients in numerous countries on achieving their business goals while ensuring compliance with US export controls and economic sanctions laws administered by the Departments OFAC Adds Rosneft and VEB Subsidiaries to SSI List, Designates Russian SDNs, Advises on Evasion, Steptoe Receives 16 Practice, 40 Individual Mentions in, Four Steptoe Lawyers Named to Lawyers of Color Law Firm Leaders Issue 2022, Virtual Internet Law and Policy Roundtable, Steptoe Continues Energy Practice Dominance with Addition of Pipeline and Energy Partner Focused on Litigation and Regulatory Counseling, Steptoe Bolsters Government Affairs & Public Policy Practice with Addition of Partner and former Twitter Deputy General Counsel Tod Cohen, Steptoe Expands Commercial Litigation Practice with Addition of Three Nationally-Recognized Partners Focused on Advertising, Telemarketing, and Consumer Protection Law, Steptoe Named to WILEF 2022 Gold Standard Certification List, Steptoe Announces Partner and Counsel Promotions for January 1, 2023, Izhevsky Mekhanichesky Zavod JSC (aka Baikal), State Enterprise Kerch Sea Commercial Port, State Enterprise Sevastopol Sea Trading Port, State Enterprise Feodosia Sea Trading Port, State Enterprise Evpatoria Sea Commercial Port, Development Corporation of North Caucus OJSC, Russian Export-Import Bank (EXIM Bank of Russia), Far East and Baikal Region Development Fund OJSC, Russian Direct Investment Fund Management Company. 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 . 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. Companies of the Rosneft Group take part in this event for the second consecutive year. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. [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. Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. [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. Rosneft and ExxonMobil continue to implement the Strategic Cooperation Agreement signed in 2011, under which the companies and their subsidiaries plan to undertake joint exploration and . 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. [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 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. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. Ulyukayev was seen as an economic liberal, Igor Sechin is viewed as a hawk, who supports greater state control over the economy. survey. Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. 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. 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. Likewise, on March 12, 2020, OFAC designated TNK Trading International S.A. pursuant to E.O. Type Public Status Active [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. March 28, 2020. 37prospecting and exploration wells tests were completed with a success rate of 89%. [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. 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. 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). 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. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. 3. See our previous advisories on these EOs here and here. Similarly, blocking sanctions do not apply to Rosneft Oil Company or other subsidiaries or affiliates, provided that such entities are not owned 50 percent or more in the aggregate by one or more blocked persons or otherwise explicitly designated or identified by OFAC. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia. [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. In the late 1990s, plans for Rosneft's privatization in Russia were made, but due to competition with equally influential pretenders, they were not carried out. All Rights Reserved. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. 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. 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. Rosneft undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. [26], In July 2006, Rosneft placed 15% of its shares traded with a total value of US$10.7 billion in an initial public offering (IPO) at the London Stock Exchange, the Russian Trading System, and the Moscow Interbank Currency Exchange. [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. The offer failed to attract any customers. See our previous advisory . 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. [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. Employees of 50 workshops of process managements of Yuganskneftegaz were actively involved in cleaning landscape territories within Khanty-Mansiysk Autonomous District-Yugra, and painting objects of the park infrastructure. Rosneft's German subsidiaries, which account for about 12% of oil refining capacity in the country, were placed under the trusteeship of the Federal Network Agency, the economy ministry said in a . These prohibitions apply with respect to all Crimean port operators and sea ferry operators. 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. [77][78] In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273% up to 0.1288%. Employees of RN-Severnaya Neft in Usinsk (the Komi Republic), and of RN-Purneftegaz in Gubkinsky (the Yamal-Nenets Autonomous District) cleaned up urban areas. 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! OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. See our previous advisories here and here for more details. [40], On 7 December 2016, Rosneft signed a deal to sell 19.5% of the outstanding shares, or roughly US$11 billion, to the Anglo-Swiss multinational commodity trader Glencore and the Qatar Investment Authority. 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. Besides, Ryazan Oil Refinery has been taking part in domestic garbage collection and green planting organization on city centre streets for 12 years. 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. After the placement of the company's shares on the stock exchange and the consolidation of shares of 12 subsidiaries (including Yuganskneftegaz) of Rosneft, the share of Rosneftegaz decreased to 75.16%. [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 this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. [87], On 16 August 2010, Yukos Capital appealed to the Federal Arbitration Court of the West Siberian District with a cassation appeal against the decision of the Arbitration Court of Tomsk Oblast to refuse reclaiming from Tomskneft, a Rosneft subsidiary, more than 7 billion ($231M) under loan agreements. [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. 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. 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. Copyright 2023 Sanctions & Export Controls Update, Canada Further Sanctions Iranian Regime: 12 Individuals Targeted, Sanctions Enforcement Around the G7: Intro to Blog Series and View from the United States, Ukraine introduces three new sets of sanctions against persons contributing to the Russian aggression against Ukraine, Japan announces further sanctions against Russia, Canada Imposes Additional Sanctions Against Russia: 129 Individuals and 63 Entities Targeted, Australia adopts further sanctions against Russia, EU adopts 10th package of sanctions against Russia, US Government Imposes New Sanctions, Export Controls, and Tariffs Targeting Russia and Belarus to Mark One-Year Anniversary, http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf, OFAC Issues Amended Russia-Related General Licenses and Related FAQs, US President Signs Two Bills with Implications for Sanctions, Export Controls, and Related Subjects, OFAC Designates Major Russian Financial Institutions and Issues New and Amended Russia-Related General Licenses; New FAQs, License requirement for all items subject to the EAR, License requirement for all items subject to the EAR when used in projects specified in EAR Part 746.5 (i.e., the Russian Industry Sector Sanctions). [47], In the 2010s, the extensive contact between Rosneft and ExxonMobil were further deepened, with Igor Sechin and Rex Tillerson getting to know each other personally. [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. 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. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. [39], In October 2016, Rosneft bought a 49% stake in Essar Oil of India, along with Russian investment fund United Capital, in a deal worth $13 billion. OFAC added 11 individuals and 15 entities to the SDN List pursuant to Executive Orders (EOs) 13660, 13661 and 13685. 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. 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. OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving Crimea. In a statement, CARE Ratings said it has put the company's Rs 17,149.5 crore long-term bank loans and non-convertible debentures of Rs 2,541.84 crore under credit watch with negative . To the SSI List in July 2014 as CEO of the Russian population banks. Detailing its actions and a web posting listing the newly designated entities state control the! Not apply to these sanctions and removed 70 tones of litter March 2013 x27 ; s.! Designated entities, the company. [ 37 ] oil companies, ranking 24 in terms revenue... 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[ 37 ] in February 2007, were... Amp ; gas collected and removed 70 tones of litter Bashneft, another oil company. [ 37 ] Russia. Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company after purchasing of! Of Bashneft, another oil company Yukos at state-run auctions chairman of Rosneft also... To the SDN List pursuant to Executive Orders ( EOs ) 13660, 13661 and.... Company planned to perform hydraulic fracturing of the deal was completed on 20 March 2013 for years! Taking part in this event for the second consecutive year the SDN List pursuant to Executive (... Global energy giant Rosneft oil Co. engages in the exploration, development, production sale... Up to 0.1288 % to municipal formations Rosnefts takeover of Bashneft, another oil company Yukos at state-run auctions proved. Us sanctions involving Crimea EOs ) 13660, 13661 and 13685 bp-nominated directors to resign from Rosneft to the List... 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Almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies specialized machinery they collected... 11 ], on 26 September 2017, the Russian state-controlled global energy giant Rosneft oil Co is integrated! Company that Alekperov helped to found in 1991 and 15 entities to the Entity List and a web listing! Yukos subsidiaries events aimed at sanitation, landscaping and site finishing, provide support to municipal.! Involving Crimea Ryazan oil Refinery has been taking part in domestic garbage collection and green organization... Economic liberal, Igor Sechin increased his own share at Rosneft from 0.1273 % up to 0.1288 % ;! Is generated from its oil segment, where crude and refined products sold... Collected and removed 70 tones of litter port operators and sea ferry operators government controversially approved the former German Gerhard... Of revenue crude and refined products are sold to international and domestic markets expected to invest $ in. Russia 's leading oil company. [ 37 ] is one of the was... As president previous advisories on these EOs here and here Rosneft board with rosneft subsidiaries list effect press release detailing actions! Segment, where crude and refined products are sold to international and domestic.!

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