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 company also accounts for 6% of global oil production. "[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. Subscribe to Maritime Reporter Email News. Rosneft is the largest refining company in the Russian Federation. E-Mail: info@rosneft.de Press Contact. 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. [43], On 2 October 2017, the PLA-linked CEFC China Energy[44] bought a $9 billion stake in Rosneft. In 2013, oil workers planted about 5 thousand pine plants in the area of 6 hectares. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. 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. 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. 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. Sustainable Development Support for International Sustainable Development Initiatives [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. [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. In response to the deal, Andrei Illarionov, then a senior Putin economic advisor, denounced it as "fraud of the year". The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. visit. The three German refineries in which Rosneft Deutschland GmbH has a stake are among the most technically advanced facilities in Western Europe. 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. As part of the event, Rosneft subsidiaries workers made a vital contribution to the environmental situation improvement in towns, villages, and parks. [99][100] On February 24 2022, his son Ivan Sechin was also sanctioned by the U.S.[101] On February 28 2022, Igor Sechin was subjected to travel restrictions and had his assets frozen by the EU. The company has surprised many in overcoming these constraints and by aggressively expanding its international business. Attorney Advertising. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. [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. [65], On 16 July 2014, the Obama administration imposed sanctions through the US Department of Treasury's Office of Foreign Assets Control (OFAC) by adding Rosneft and other entities to the Sectoral Sanctions List (SSL) in retaliation for the annexation of the Crimean Peninsula by the Kremlin and the ongoing Russian interference in Ukraine. 13850 for operating in the oil sector of the Venezuelan economy. 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. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. The Bundesnetzagentur (Federal . Mr. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. 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. 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. Fourteen Russian subsidiaries of Rosneft and two . [56], In April 2017, the Trump administration denied ExxonMobil permission to continue a deal with Rosneft to drill for oil in Russia. 15 subsidiaries of Rosneft were also added to the Entity List. OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving 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. 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. 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 . At the moment, Rosneft is under sectoral sanctions only. Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. [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. We will continue to keep you apprised of developments related to Russia/Ukraine sanctions. 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. 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). [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. All Rights Reserved. See our previous advisory. [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. [74] Rosneft is the second largest national oil company by retail network, which covers 41regions of Russia and includes 1,800filling stations. [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. See our previous advisory. In 2016, the total incremental 4.8billion cubic metres (4.8109 cubic metres) of gas. 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 head of Rosneft's Norwegian subsidiary points to the North Sea where Norway and Great Britain for nearly five decades have drilled for oil, but where standards are still very different. [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. TheFederal Registernotice is available here:http://www.gpo.gov/fdsys/pkg/FR-2015-09-02/pdf/2015-21682.pdf. 13850. [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. [92] According to environmentalists, it is Rosneft's fault that more than 10,000 oil spills occur each year. 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. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. Rosneft Deutschland . The new designations and sanctions advisory demonstrate a continuing commitment by US authorities to enforce sanctions related to the situation in Ukraine. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. 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. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in
[59] BP will receive in exchange of its stake $12.3billion of cash and 18.5% of Rosneft's share, while ARR will receive $28billion in cash. The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. http://www.rosneft.com/about/Glance/OperationalStructure/. The refineries are able to process about 45% of crude oil produced by Rosneft as a whole. 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. US Government Adds Rosneft's Swiss Subsidiary to the SDN List under Venezuela-related Sanctions Program - Sanctions & Export Controls Update US Government Adds Rosneft's Swiss Subsidiary to the SDN List under Venezuela-related Sanctions Program February 24, 2020 By Andrea Tovar, Eunkyung Kim Shin and Paul Amberg 4 Mins Read 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 is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. Rosneft's core activities include oil and gas production, refining and export. 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. 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. 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. 13850 necessary for the wind down of transactions involving 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, through 12:01 a.m. eastern daylight time, May 20, 2020. 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