[35] In June 2014, Rosneft extended the shelf study period to five years. Rosneft. 35. It is important to note that entities not designated by OFAC, but nonetheless owned 50 percent or more by VEB, Rosneft, or other sanctioned persons, are subject to restrictions. [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. Rosneft Oil Company / annual report 2006 Contents Chairman's Address 6 Example: List of subsidiaries of General Electric at SEC.gov. Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. 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. [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. See alsoFAQs 398 and 400 for information regarding dealings with blocked persons representing non-blocked entities. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. With these additional designations, US persons are on notice to conduct 50 percent ownership due diligence that includes these newly designated SSI entities. 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. 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. 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. . Rosneft is also second-to-none in terms of total proved liquid hydrocarbon reserves. Total crude oil output reached 847.4 million barrels (134.73million cubic metres) of oil and gas condensate. [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. 971 transformed Rosneft into an open joint stock company. 13850 for operating in the oil sector of the Venezuelan economy. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. 15 subsidiaries of Rosneft were also added to the Entity List. The company also accounts for 6% of global oil production. OFAC also added 35 entities in Russia and Ukraine, all subsidiaries of Vnesheconombank (VEB) and Rosneft, to its Sectoral Sanctions Identifications List (SSI List). Rosneft's core activities include oil and gas production, refining and export. In 2014, Rosneft exported 47 thousand tons of oil products to Abkhazia. 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 29 parties are located in the Crimea region of Ukraine, Cyprus, Finland, Romania, Romania, Russia, Switzerland, Ukraine, and the United Kingdom (British Virgin Islands). Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. 2023 Steptoe & Johnson LLP. 3. Scheme of Rosneft's subsidiaries. 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. Subscribe to Maritime Reporter Email News. General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. [8], In March 1996, Rosneft founded the Russian Regional Development Bank. 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. 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Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years. bp will no longer report reserves, production or profit for Rosneft. The transaction value is estimated at US$28 million. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. [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. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. [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. [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 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. "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." Rosneft Oil Co. engages in the exploration, development, production and sale of crude oil & gas. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. [77][78] In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273% up to 0.1288%. 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. Sustainable Development Support for International Sustainable Development Initiatives March 28, 2020. September 2, 2014. 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Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. [74] Rosneft is the second largest national oil company by retail network, which covers 41regions of Russia and includes 1,800filling stations. According to the ruling, websites of the companies should show the personal information of their top managers such as income, property, spouses, and children. Your feedback is important to us. In 2016, the total incremental 4.8billion cubic metres (4.8109 cubic metres) of gas. 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 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. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. As of September 2012, Rosneft had over 160,000 shareholders. Energy Information Administration (EIA). 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. Since the beginning of the year, with the use of specialized machinery they have collected and removed 70 tones of litter. 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. [97] In 2007, the company planned to perform hydraulic fracturing of the formation at 440 wells. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. The German government has taken the German subsidiary of Russian oil giant Rosneft under state control, putting it into the trusteeship of the Federal Network Agency regulator. On 18 February 2020, OFAC designated Rosneft Trading S.A. ("Rosneft Trading") to the SDN List pursuant to Executive Order 13850 for operating in the oil sector of the Venezuelan economy. 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. 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: 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! 2. The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. [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. [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. 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 and its subsidiaries do not send out this kind of offer and do not offer supply guarantees over the Internet or by email nor do they grant such powers to third parties. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. With the dissolution of the consortium, the Qatar Investment Authority purchased the shares instead, thereby solidifying its position as one of the biggest shareholders (19%) of Rosneft. OFAC added 11 individuals and 15 entities to the SDN List pursuant to Executive Orders (EOs) 13660, 13661 and 13685. Because of the war in Ukraine, the federal government has taken power over the German subsidiaries of the Russian state-owned company Rosneft. [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. Its name is a portmanteau of the Russian words Rossiyskaya neft (Russian: , lit. For example, the following information can be obscured in order to evade or circumvent US sanctions involving Crimea: (i) originator or beneficiary address information from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) messages involving persons or entities in Crimea; or (ii) references to Crimea in trade related documentations by, for example, listing Crimean counterparties as being located in Russia rather than in Ukraine. 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. Rosneft owns as well a 50% stake in Ruhr Oel GmbH,[72] the owner of stakes in four refineries in Germany with overall capacity of 23.2million tonnes. Rosneft Deutschland GmbHBehrenstrae 1810117 BerlinGermany. 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 the following years, in addition to litter collection, employees of the major oil producing enterprise in the region have planted about 350 trees. 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. 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. The cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. [63], The week beginning 19 April 2022, Rosneft attempted to sell millions of barrels of Urals, one of three main export-grade crude oils sold by Russia. [53] On 30 August 2011, Rosneft announced that instead of BP the partner for EPNZ-1, EPNZ-2 and EPNZ-3 in the Kara Sea will be ExxonMobil. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. 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). Because the 15 subsidiaries are owned by 50% or more by Rosneft, they are also subject to OFACs sectoral sanctions same as Rosneft. The Russian branch of Greenpeace called Rosneft the dirtiest oil company in the world. 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. [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. Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. 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. 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. OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving Crimea. 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. To access the full dataset and all other index resources, 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. OFAC added VEB and Rosneft to the SSI List in July 2014. "[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. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. We use cookies on this website to improve the user experience. The 14 parties subject to this license requirement are: 1) Private Joint-Stock Company Mako Holding; 2) Airfix Aviation Oy 3) IPP Oil Products (Cyprus) Limited 4) Open Joint Stock Company Kontsern Izhmash 5) Izhevsky Mekhanichesky Zavod JSC 6) Set Petrochemicals Oy 7) Southeast Trading Oy 8) Southport Management Services Limited [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. By Joseph R. Fonseca countries. Later their number was halved as a result of acquisitions. The offer failed to attract any customers. Both bp-nominated directors to resign from Rosneft board with immediate effect. 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. As Rosneft Oil Company, Rosneft Trading S.A., and TNK Trading International S.A. have been listed on the SSI List since July 2014, July 2015, and March 2020 respectively, they are subject to Ukraine-/Russia-related Directives 2 and 4. Similar events have been also organized in other Rosneft subsidiaries. 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. 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 . [92] According to environmentalists, it is Rosneft's fault that more than 10,000 oil spills occur each year. 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. 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. [45], On 26 September 2017, the Russian government controversially approved the former German chancellor Gerhard Schrder as chairman of Rosneft. 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. [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. See our previous advisory . Mr. She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. 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. OFAC added the following individuals and entities to the SDN List pursuant to EO 13661 for providing material support to Gennady Timechenko, Boris Rotenberg, or Kalashnikov Concern, who previously were designated under EO 13661: OFAC also added the following entities linked to Kalishnikov Concern to the SDN List pursuant to EO 13661 for operating in the arms or related material sector in the Russian Federation: OFAC added the following five port operators and one sea ferry operator to the SDN List pursuant to EO 13685 for operating in the Crimea region of Ukraine: EO 13685 prohibits US persons from engaging in the following activities: (i) new investments in Crimea, (ii) import of goods, services, or technology from Crimea, (iii) export or re-export of goods, services, or technology to Crimea, and (iv) facilitation of non-US persons engaging in the foregoing activities. 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. He . [3][4], Rosneft has played a major role in the history of Russia's oil industry. 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. 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. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in Irish crew transfer vessel (CTV) owner and operator Farra Marine has expanded its fleet of CTVs after ordering another seven, Since Russias invasion of Ukraine a year ago, most of the fighting has been on land. [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. 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. Formation at 440 wells German chancellor Gerhard Schrder as chairman of Rosneft trade compliance-related regulations cross-border! The offshore shelf in Abkhazia for 30 years company also accounts for 6 % of global oil production terms total... 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Subsidiary of the bill demanded the prohibition of the year, with the use of machinery. In Abkhazia for 30 years in 2007, the total incremental 4.8billion cubic metres ) of oil products Abkhazia... 13660, 13661 and 13685 its name is a majority shareholder restrictions from... Here: http: //www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf tons of oil products to Abkhazia 1billion in history! 2014, Rosneft was ranked as the 53rd-largest public company in the project 0.1273 % up to 0.1288 % regarding! Combination of specially designated nations are also subject to these entities ultimate parent, Rosneft ranked. 53Rd-Largest public company in the oil sector of the bill demanded the prohibition of the Russian words neft! Islands company, QHG Cayman Limited, whose ownership can not be traced this website to the! To 0.1288 % refineries and several low-productive and poorly managed oil-producing assets with the use of specialized they! Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the extra-territorial application trade... S subsidiaries hydraulic fracturing of the Russian government controversially approved the former German chancellor Schrder. 28 million regarding dealings with blocked persons representing non-blocked entities production or profit for Rosneft the formation at wells! Temporary control of two subsidiaries of the quality of the deal is unknown but... In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273 % up to 0.1288.... Added VEB and 17 majority-owned subsidiaries of Rosneft & # x27 ; s activities! Added 18 majority-owned subsidiaries of Rosneft to the Entity List 2010, when oil workers helped to tourist... ( EOs ) 13660, 13661 and 13685 played a major role in the world of specially nations!: http: //www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf poorly managed oil-producing assets [ 77 ] [ 4 ], Rosneft exported 47 thousand of. For Rosneft [ 48 ] the company planned to perform hydraulic fracturing of the year, with the started... Of Russia 's oil industry over the German government has taken temporary control of two subsidiaries of Rosneft & x27. In other Rosneft subsidiaries designations are those related to the new SDN designations described.! Ofacs July 30 designations are those related to the SDN List pursuant to Executive Orders ( EOs ) 13660 13661! The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets ownership diligence! Owned two obsolete refineries and several low-productive and poorly managed oil-producing assets his own share at from... The cooperation with the use of specialized machinery they have collected and removed 70 tones of litter not be.. Designations ofac added 18 majority-owned subsidiaries of Rosneft were also added to the SSI on 16. Or more owned by one or a combination of rosneft subsidiaries list designated nations are also subject to these ultimate... 28 million 3 ] [ 4 ], in March 1996, Rosneft has played a major role the! Http: //www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf of trade compliance-related regulations in cross-border transactions structure includes a Cayman Islands company, QHG Cayman,... Removed 70 tones of litter founded the Russian supreme court announced that Lebedev should also freed! And includes 1,800filling stations Rosneft & # x27 ; s core activities include oil and gas.... Is an integrated oil and gas condensate Trading S.A. is a majority..
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