Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. [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. 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. 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. Rosneft. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. [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. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in 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. [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. Energy Information Administration (EIA). ", "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! [40], On 7 December 2016, Rosneft signed a deal to sell 19.5% of the outstanding shares, or roughly US$11 billion, to the Anglo-Swiss multinational commodity trader Glencore and the Qatar Investment Authority. - Advertisement -. As part of the project to develop the Gudauta area on the Black Sea shelf, Rosneft will carry out a full range of geophysical and geochemical research, conduct 2D and 3D seismic surveys, and start preparations for exploratory drilling. 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. 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). OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. 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. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. [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. 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. General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. Registered in the Canton of Geneva, Switzerland as a trading company in January 2011, Rosneft Trading S.A. was created to assist Rosneft Oil Company in carrying out its foreign projects. Our company is responsible for both the supply of crude oil to the PCK, MiRO and Bayernoil refineries and the distribution of petroleum products. 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. Similar events have been also organized in other Rosneft subsidiaries. No license exceptions are available for exports, reexports, or transfers (in-country) to these 14 parties. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. OFAC added 11 individuals and 15 entities to the SDN List pursuant to Executive Orders (EOs) 13660, 13661 and 13685. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. 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. Federal representatives countered that the measure was legal. 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. 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. 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. For more information about how we use cookies and how to change your cookie settings, please see our Cookies Policy. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership. 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. September 2, 2014. ONGC Videsh has developed strong partnership alliance with a host of IOCs and NOCs including ExxonMobil, British Petroleum, Shell, ENI, Total, Repsol, Equinor, MOL, Petrobras, Sodeco, AzACG, Rosneft, ADNOC, Posco International, Petro Vietnam, CNPC, Sinopec, PDVSA, Petronas and Ecopetrol. The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. 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. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. 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. 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). For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. [3][4], Rosneft has played a major role in the history of Russia's oil industry. The state-owned Russian company Rosneft - the parent company in Moscow and a subsidiary in Luxembourg - is complaining that the federal government took control of the two German subsidiaries Rosneft Deutschland GmbH and RN Refining & Marketing GmbH in September 2022. 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! [30], On 14 July, the official results of the placement value were announced. Rosneft petitions court to end trusteeship. In July 1998 the Russian government tried to sell Rosneft, but it failed. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. It focuses on exploration and appraisal of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas, and refined products. OFAC added VEB and Rosneft to the SSI List in July 2014. [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. "[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. Fourteen Russian subsidiaries of Rosneft and two . [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. At the oral hearing, Rosneft's lawyers requested that the trusteeship of the subsidiaries Rosneft Germany and RN Refining & Marketing, which had been ordered in September, be lifted. U.S. persons, therefore, are not prohibited under E.O. [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. [66], The Trump administration expanded further sanctions on its Swiss-incorporated company (Rosneft Trading S.A.) and its president Didier Casimiro on 18 February 2020, for supporting Venezuela's Nicols Maduro regime by operating in the oil sector of the Venezuelan economy. [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. Most of them are unorganized tourists, who unfortunately damage the park by litter. [98], On 20 March 2014, the United States government sanctioned Rosneft CEO Igor Sechin in response to the Russian government's role in the ongoing unrest in Ukraine. [21] According to some estimates,[who?] The main activities of JSC Samotlorneftegaz, which owns 9 license areas, are exploration and development of oil and gas fields, drilling of parametric, prospecting, exploration and production wells, production, preparation, processing, transportation and sale of hydrocarbon raw materials, development of oil and gas fields. He . [43], On 2 October 2017, the PLA-linked CEFC China Energy[44] bought a $9 billion stake in Rosneft. 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. OFAC has added the following entities that are owned 50 percent or more by VEB to the SSI List subject to Directive 1: Directive 2, as amended, prohibits US persons from transacting or dealing in new debt with a maturity of more than 90 days issued by a person on the SSI List. 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. 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. By December 2016, the number of individual shareholders was 138,000, with Rosneftegaz owning only 50% of the shares, BP owning 19.75%, and 30.25% owned by other shareholders. 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 . "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." [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. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. 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 Russian court had to bring the court's decision to Russian territory. [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. 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. Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years. It operates through. Finally, the Crimea sanctions advisory is intended to assist the public in conducting reasonable due diligence and detecting sanctions evasion, and could portend future OFAC guidance regarding sanctions evasion generally. In 2007, the former assets of Yukos provided 72.6% of oil and gas condensate production and 74.2% of Rosneft's primary refining. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. [103] Rosneft was added to the SSI on July 16 2014,[104] and was sanctioned by the EU on September 8 2014. [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. [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. By Joseph R. Fonseca Your feedback is important to us. 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). 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. 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. 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. Five new deposits with reserves of 39million tons of oil equivalent were discovered. Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. OFAC added VEB and Rosneft to the SSI List in July 2014. [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. From 2009 to 2010, Rosneft remains one of the largest customers of the oilfield services company Schlumberger, which specializes in hydraulic fracturing. 30 Rosneft Subsidiaries in All-Russian Environmental Cleanup Day By Joseph R. Fonseca September 2, 2014 Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin. Rosneft is the largest refining company in the Russian Federation. 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. 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. 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 refineries are able to process about 45% of crude oil produced by Rosneft as a whole. Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. this operation was directed by Russian authorities in order to nationalize Russia's oil and gas industry. Lebedi village, place of resort of the citizens. OFAC has authorized a wind down period for both companies through 12:01 a.m. U.S. Eastern Time on May 20, 2020. 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. [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 the Samara Region, Samaraneftegaz employees carried out site improvements within the Samara Bend national park, natural and cultural site, which receives more than million visitors per year. 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. Key Points. 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. See our previous advisory . [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. 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. After acquiring OJSC TNK-BP in 2013, then one of the largest oil companies of Russia, Rosneft became the world's largest publicly traded petroleum company. Nevertheless, the introduction of restrictive measures against its subsidiary can be seen as a signal from the US that sanctions against the Russian entity may be tightened. Attorney Advertising. 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. [77][78] In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273% up to 0.1288%. 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 . By the end of 2020, Rosneft's total . The cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. In 2013, oil workers planted about 5 thousand pine plants in the area of 6 hectares. 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. [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. Rosneft Oil Co. engages in the exploration, development, production and sale of crude oil & gas. 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. [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. According to the ruling, websites of the companies should show the personal information of their top managers such as income, property, spouses, and children. 13850 for operating in the oil sector of the Venezuelan economy. According to experts on the Russian newspaper Vedomosti, the assets of Yukos, bought by Rosneft at auction organized by the state, went to the company at a discount of 43.4% of the market price of this property. 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 . bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. We will continue to keep you apprised of developments related to Russia/Ukraine sanctions. The company is controlled by the Russian government through the Rosneftegaz holding company. The first well could be drilled in 2012. [74] Rosneft is the second largest national oil company by retail network, which covers 41regions of Russia and includes 1,800filling stations. The Company's refineries in Russia refined 93.0 mmt in 2020. 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. 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