37prospecting and exploration wells tests were completed with a success rate of 89%. In 2016, the total incremental 4.8billion cubic metres (4.8109 cubic metres) of gas. [38], In the summer of 2012, Rosneft purchased a fuel oil terminal from the United Shipbuilding Corporation (USC) located on the territory of the Murmansk Ship Repair Plant No. 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? This document is part of the source library for NRGI's 2017 Resource Governance Index, The Tuapse Trough is estimated to contain 7.2billion barrels of oil equivalent. The parties stated their intention to develop mutually beneficial cooperation in areas as geological prospecting, development of oil and gas fields, production of hydrocarbons, and sale of oil, natural gas and oil products. Rosneft is also among the largest natural gas producers in Russia, with a total gas production of 12.3billion cubic metres (1.231010 cubic metres) in 2010. The plaintiffs claim this is unlawful. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. PJSC Rosneft Oil Company (Russian: , tr. The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. 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]. It also involves in refining, transportation, and sale of petroleum products. They include RN-Kart Ukraina LLC, TNK-Industries Ukraine, Aviation Fuel Company LLC and Glusco Retail LLC. 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. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. He . OFAC added 18 majority-owned subsidiaries of VEB and 17 majority-owned subsidiaries of Rosneft to the SSI List pursuant to EO 13662. 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. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. 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. The Entity List imposes a license requirement for the export, reexport, or transfer (in-country) of all items subject to the EAR to the 15 Rosneft subsidiaries when the exporter/reexporter, or transferor knows that the item will be used directly or indirectly in exploration for, or production of, oil or gas in Russian deepwater, Arctic offshore locations, or shale formations in Russia, or is unable to determine whether the item will be used in such projects. 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 . [7] The company operates in more than twenty countries around 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. OFAC added VEB and Rosneft to the SSI. 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. 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. 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. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. 13850. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. 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. Including a broad list of search terms covering major geographic locations (including cities and ports) in Crimea and not simply references to Crimea in transaction monitoring systems; Requesting additional information from parties with a history of violating or attempting to violate US sanctions on Crimea; and. 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. 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). [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. [29], Rosneft announced a placement value of US$5.857.85 per share and global depository receipt (GDR), based on the company's capitalization after consolidation of US$6080 billion. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. Both bp-nominated directors to resign from Rosneft board with immediate effect. Rosneft's subsidiaries play an important role in Venezuela's oil sector. 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. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. [9][10], Rosneft struggled financially and operationally during the 1998 Russian financial crisis with decreased production due to poor assets and decreased retail sales with an underused refining capacity. 2023 Steptoe & Johnson LLP. Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. [94][95] As a result of the environmental contamination, people have observed black water coming out of their taps, cattle has been stricken with tuberculosis, and fish have been found deformed. 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. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. 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. 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. Likewise, on March 12, 2020, OFAC designated TNK Trading International S.A. pursuant to E.O. 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. 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). To access the full dataset and all other index resources, The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. 15 subsidiaries of Rosneft were also added to the Entity List. [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. 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. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. 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. The additions were made to ensure the efficacy of existing US sanctions on Russia. 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. 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. About 100 employees of Saratov Refinery took part in cleaning up the pine forest, place of resort of Saratov citizens. Mr. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. The event was accompanied by musical bands performances. [6] Internationally, it is one of the largest oil companies, ranking 24 in terms of revenue. [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. 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. The licensing requirements imposed by BIS on the 29 parties are as follows: BIS has imposed a license requirement on the export, reexport, or transfer (in-country) ofallitems subject to the EAR on 14 of the 29 parties added to the Entity List, with a presumption of denial. This document is part of the source library for NRGI's 2017 Resource Governance Index, a comprehensive measure of the quality of natural resource governance in oil, gas and mineral-rich countries. 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 . [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. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. By Joseph R. Fonseca
[95] Often blamed is Rosneft's ageing infrastructure, so is the lack of government oversight. In the following years, in addition to litter collection, employees of the major oil producing enterprise in the region have planted about 350 trees. [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. 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. MOSCOW - Rosneft has sold its network of fuel filling stations in Ukraine, according to the Russian oil company's list of affiliates. [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. This could also have consequences for consumers. OFAC added the following individuals to the SDN List pursuant to EO 13660: OFAC also added Private Joint-Stock Company Mako Holding to the SDN List pursuant to EO 13660 for being owned or controlled by, or acting or purporting to acting for or on behalf of Oleksandr Yakukovych. [30], On 14 July, the official results of the placement value were announced. 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. The proceedings could also affect consumers in Germany: If the court upholds . [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. We use cookies on this website to improve the user experience. Besides, Ryazan Oil Refinery has been taking part in domestic garbage collection and green planting organization on city centre streets for 12 years. [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. For more information about how we use cookies and how to change your cookie settings, please see our Cookies Policy. 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. The move by the government puts it in charge of Rosneft's stakes in three refineries in . The Russian court had to bring the court's decision to Russian territory.
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. Help us to improve ResourceData.org by taking a short 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. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. September 2, 2014. [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. The Federal Ministry of Economics had classified the two Rosneft . 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 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! The integrated management control system of industrial safety, work safety, and environment certificated against international standards OHSAS 18001:2007 and ISO 14001:2004 successfully operates in Rosneft. 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. [91] According to investigators, Ulyukayev, who was still economy minister at the time of his arrest, had taken the $2M bribe in exchange for permitting Rosneft's acquisition of a stake in Bashneft. Key Points. [76], Prior to the initial public offering (IPO) in 2006, all of Rosneft's shares were owned by the Russian government through its holding company JSC Rosneftegaz. For Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company (:!, Aviation Fuel company LLC and Glusco Retail LLC in the 2020 Forbes Global 2000 Rosneft! 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