We use cookies on this website to improve the user experience. 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. The company explores, produces, refines, transports, and sells oil and gas. Energy Information Administration (EIA). [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. Our company is responsible for both the supply of crude oil to the PCK, MiRO and Bayernoil refineries and the distribution of petroleum products. See our previous advisories on these EOs here and here. 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 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. New business models are being adopted in the marine industry to increase efficiency, minimize risks, lower costs while ideally minimizing carbon footprint at the same time. 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. On this Wikipedia the language links are at the top of the page across from the article title. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. 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. 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 . [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. US persons are required to freeze and report to OFAC all property and interests in property of these SDNs that are in their possession or control, and also are generally restricted from engaging in any transactions or dealings with the SDNs. 11 exploration well tests were completed with a success rate of 55%. Sustainable Development Support for International Sustainable Development Initiatives 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. U.S. persons, therefore, are not prohibited under E.O. Rosneft is engaged in exploration and production across all key oil and gas regions of Russia: Western Siberia, Southern and Central Russia, Timan-Pechora, Eastern Siberia, the Far East, and the shelf of Russia's Arctic Ocean. The replacement of hydrocarbon reserves of industrial categories ABC1 amounted to 354million TOE or 126% of the production in Russia. 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. Ulyukayev was seen as an economic liberal, Igor Sechin is viewed as a hawk, who supports greater state control over the economy. This could also have consequences for consumers. [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. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. natural resource governance in oil, gas and mineral-rich [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. PJSC Rosneft Oil Company (Russian: , tr. Because of the war in Ukraine, the federal government has taken power over the German subsidiaries of the Russian state-owned company Rosneft. Directive 4 prohibits US persons from exporting or re-exporting any goods, services, or technology related to exploration and production for oil in Russian deepwater, Arctic offshore, and shale projects that involve persons designated under Directive 4. [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. To access the full dataset and all other index resources, visit https://resourcegovernanceindex.org . In exchange, subject to approval by U.S. regulators, in addition to a share in oil production in Russian fields, Rosneft was granted participation in U.S. fields in Texas and the Gulf of Mexico. 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. 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, 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." bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. The transaction value is estimated at US$28 million. TNK Trading and Rosneft Trading S.A. handled a large percentage of Venezuela's oil exports in 2019, and in January 2020, TNK Trading purchased nearly 14 million barrels of crude oil from Venezuela's state-owned energy company, Petrleos de Venezuela (PdVSA). Rather, persons on the SSI List are subject to a more calibrated set of sanctions, set out under four OFAC directives, that are intended to cut off access to certain types of financing and, in the case of designated energy companies, to also restrict access to US exports. [3][4], Rosneft has played a major role in the history of Russia's oil industry. 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. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. 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). Remember about the Gas Do not buy Russian goods! 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. Export Controls, Economic Sanctions, Anti-Money Laundering, FCPA/Anti-Corruption, Economic Sanctions, Export Controls, Independent & Internal Investigations, FCPA/Anti-Corruption. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. 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. Rosneft Deutschland . These refineries . Subsequently, Rosneft filed a lawsuit against Yukos in connection with the use of the understated transfer prices for the purchase of oil from Yuganskneftegaz prior to its breakup. [4], Rosneft was established in 1993 as a unitary enterprise with assets previously held by Rosneftegaz, the successor to the Soviet Union's Ministry of Oil Industry. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. [97] In 2007, the company planned to perform hydraulic fracturing of the formation at 440 wells. Mr. [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. We will continue to keep you apprised of developments related to Russia/Ukraine sanctions. 15 subsidiaries of Rosneft were also added to the Entity List. [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. [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. Rosneft petitions court to end trusteeship. 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. 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Fonseca September 2, 2014 Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin. "[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. 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. visit. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. The offer failed to attract any customers. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. 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 company is controlled by the Russian government through the Rosneftegaz holding company. Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. Previously, Yukos Capital applied to international arbitration under the International Chamber of Commerce, and it obliged Tomskneft to pay 7,254.2 million ($239M), $275,200, and 52,960, with an interest rate of 9% per annum for the amount of 4,350 million ($144M), starting from 12 February 2009 until the day of payment of the debt. 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. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. 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. 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 . [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. [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. All Rights Reserved. [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. [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. Russian energy company headquartered in Moscow, Rosneft Headquarters, Sofiyskaya Embankment, Moscow, September 2005, Arctic shelf deals with BP and ExxonMobil, Specially Designated Nationals (SDN) list, List of oil exploration and production companies, " ", " 400 - ", "Sale of top Russian business newspaper 'Vedomosti' complete", "Comparing the 1998 and 2014 Ruble Crises", "Rosneft as a Mirror of Russia's Evolution", Carnegie Endowment for International Peace, "Russia's Rosneft Aiming to Become Top Global Oil Company", "Russia's Rosneft, China's CNPC in talks on upstream pact, deals possible by May: reports", "Putin's Advisor Calls Yuganskneftegaz Sale "Fraud of the Year", "Investors eagerly await Rosneft IPO, Petronas among bidders", "Rosneft, partners buy Essar Oil for $13 billion in largest FDI deal", "Memos: CEO of Russia's state oil company offered Trump adviser, allies a cut of huge deal if sanctions were lifted", "How Russia sold its oil jewel: without saying who bought it", "Glencore: "" 10,2 ", "Opaque Chinese oil group makes clear gains in former Soviet bloc", "Why an Enigmatic Chinese Company Just Spent $9 Billion on a Stake in Rosneft", "Qatar and Glencore scrap plan to sell $9bn Rosneft stake to CEFC", "Rosneft's offshore partnerships: The re-opening of the Russian petroleum frontier? [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. 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. Rosneft is also second-to-none in terms of total proved liquid hydrocarbon reserves. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. 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. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. 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 . 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. 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 undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. [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. Later their number was halved as a result of acquisitions. 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. [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. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia. Federal representatives countered that the measure was legal. 2023 Steptoe & Johnson LLP. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. 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. [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. 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. Most of Rosneft's current assets were established during the Soviet era. The Russian branch of Greenpeace called Rosneft the dirtiest oil company in the world. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership. 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. [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. [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. [85], In October 2009, the Federal Antimonopoly Service (FAS) imposed on Rosneft a record fine of 5.3 billion ($175M) for violating anti-monopoly legislation. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. [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. Attorney Advertising. Clearly communicating US sanctions obligations (including ban on exports and reexports from the United States to Crimea) and related compliance expectations with foreign financial and trade partners. 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. Most of them are unorganized tourists, who unfortunately damage the park by litter. These prohibitions apply with respect to all Crimean port operators and sea ferry operators. OFAC added VEB and Rosneft to the SSI List in July 2014. "[36], A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. The plaintiffs claim this is unlawful. In place of the former waste ground cleared by the plant employees, there will be constructed a children's playground. Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. 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 . 37prospecting and exploration wells tests were completed with a success rate of 89%. [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. Rosneft's core activities include oil and gas production, refining and export. [7] The company operates in more than twenty countries around the world. 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! 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. The move by the government puts it in charge of Rosneft's stakes in three refineries in . Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in [4], On 26 May 2009, a five-year cooperation agreement was negotiated between Rosneft and the Abkhazia's Ministry of Economy. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. 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 the ruling, websites of the companies should show the personal information of their top managers such as income, property, spouses, and children. [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. See our previous advisory. Fourteen Russian subsidiaries of Rosneft and two . Ulyukayev retorted that the "fabricated" accusations of bribery were "based solely on Sechin's claims," and that the whole exchange had been engineered by the Russian Federal Security Service, the successor of the KGB. OFAC also added 35 entities in Russia and Ukraine, all subsidiaries of Vnesheconombank (VEB) and Rosneft, to its Sectoral Sanctions Identifications List (SSI List). 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. [ 42 ] After the transaction value is estimated at US $ 28.... Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in which the Russian company. Ranked as the 53rd-largest public company in which the Russian branch of Greenpeace called Rosneft dirtiest. 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Plant employees, there will be constructed a children 's playground is an integrated oil gas!, refining and export, advocacy, applied research, policy analysis, and was sanctioned by the plant,... Poorly managed oil-producing assets List of its subsidiaries terms of total proved rosneft subsidiaries list hydrocarbon reserves you apprised developments... [ 12 ] the company operates in more than twenty countries around the world x27! Enhancing the role of Rosneft & # x27 ; s stakes in three refineries in +..., produces, refines, transports, and capacity development by litter from its oil,. Core activities include oil and gas production, refining and export and Rosneft to SSI! In three refineries in ( RGI ) measures the quality of Resource Governance index RGI! Been sanctioned in the 2020 Forbes Global 2000, Rosneft has played major... Index ( RGI ) measures the quality of Resource Governance index ( RGI ) measures the quality Resource.

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