[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. [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. 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. [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. To access the full dataset and all other index resources, As of September 2012, Rosneft had over 160,000 shareholders. 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. No license exceptions are available for exports, reexports, or transfers (in-country) to these 14 parties. [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. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. 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. 11 exploration well tests were completed with a success rate of 55%. In addition to it, the plant employees patronize the villages in Novokuibyshev suburbs. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. [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. [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 sanctions include a travel ban to the United States, freezing of all assets of Sechin in the United States and a ban on business transactions between American citizens and corporations and Sechin and businesses he owns. Rosneft is the largest refining company in the Russian Federation. [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. ", "Rosneft and BP Form Global and Arctic Strategic Alliance", "BP, Russian Billionaires, and the Kremlin: A Power Triangle That Never Was", "ExxonMobil in $3.2bn Rosneft Arctic pact", "Rosneft Teams Up with Exxon Mobil in Arctic Deal", "Rosneft and ExxonMobil to Develop Black Sea Resources", "U.S. will not give Exxon permission to drill in Russia", "Taking a stake in Rosneft is a big gamble for BP", "Sechin points to multi-billion TNK-BP synergies", "Rosneft pays out in historic TNK-BP deal completion", "BP to offload stake in Rosneft amid Ukraine conflict", "Asian Buyers Trying to Back Out of Purchases of Russian Oil Grade", "Rosneft replaces departed western board members", "Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia, Against Arms or Related Materiel Entities, and those Undermining Ukraine's Sovereignty", "Treasury Targets Russian Oil Brokerage Firm for Supporting Illegitimate Maduro Regime", "U.S. Imposes Sanctions on Russian Oil Company Supporting Venezuela's Leader", "EU introduces additional sanctions against Russia", "Germany: Rosneft Acquires 50% Of Ruhr Oel GmbH", "Rosneft sells Venezuelan assets to Russia after U.S. sanctions ramp up", "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic", "Russian ex-minister Ulyukayev gets eight years for bribery", "Ex-minister's harsh jail sentence sends shockwaves through Russian elite", "Ex-Russian minister Ulyukayev faces bribery charges, pins blame on Rosneft head and Putin ally | DW | 16.08.2017", "Why Russia has so many oil leaks | DW | 29.03.2021", "Russia's Rosneft charged over pipeline leak that caused oil to come out of taps", "Announcement Of Additional Treasury Sanctions On Russian Government Officials And Entities", "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine", "U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs", "BP, Russian billionaires, and the Kremlin: a Power Triangle that never was", Rosneft Oil production, refining, reserves and capex by division, segment and period (Grmike, wikinvest), Yahoo! Fourteen Russian subsidiaries of Rosneft and two . OFAC added VEB and Rosneft to the SSI List in July 2014. See our previous advisory . Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. 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. 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. [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. 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. [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. 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. [3][4], Rosneft has played a major role in the history of Russia's oil industry. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. 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. 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 . See our previous advisories here and here for more details. With these additional designations, US persons are on notice to conduct 50 percent ownership due diligence that includes these newly designated SSI entities. All Rights Reserved. [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. http://www.rosneft.com/about/Glance/OperationalStructure/. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. This could also have consequences for consumers. September 2, 2014. Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. [7] The company operates in more than twenty countries around the world. [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. Most of Rosneft's current assets were established during the Soviet era. Export Controls, Economic Sanctions, Anti-Money Laundering, FCPA/Anti-Corruption, Economic Sanctions, Export Controls, Independent & Internal Investigations, FCPA/Anti-Corruption. 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. 'Russian oil'). The Tuapse Trough is estimated to contain 7.2billion barrels of oil equivalent. [30], On 14 July, the official results of the placement value were announced. After the seizure of Rosneft's assets in the United Kingdom and the denial of an appeal by the Supreme Court of the Netherlands, Rosneft said that Yukos Capital paid Yuganskneftegaz its debt of 12.9 billion ($426M). 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. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. 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