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." In 2016, the total incremental 4.8billion cubic metres (4.8109 cubic metres) of gas. At the moment, Rosneft is under sectoral sanctions only. Companies of the Rosneft Group take part in this event for the second consecutive year. PJSC Rosneft Oil Company (Russian: , tr. In 2007, the former assets of Yukos provided 72.6% of oil and gas condensate production and 74.2% of Rosneft's primary refining. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. The restrictions do not apply to gas projects. 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. Likewise, on March 12, 2020, OFAC designated TNK Trading International S.A. pursuant to E.O. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. 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. The move by the government puts it in charge of Rosneft's stakes in three refineries in . In the following years, in addition to litter collection, employees of the major oil producing enterprise in the region have planted about 350 trees. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. 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. These EOs respectively target persons involved in destabilizing Ukraine (EO 13660); Russian government officials and persons operating in the Russian arms sector (EO 13661); and persons operating in Crimea (EO 13685). Rosneft's core activities include oil and gas production, refining and export. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. 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. Oil workers intend to participate in supporting natural environment of the park in future. bp will no longer report reserves, production or profit for Rosneft. 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. 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 Note that unlike Directive 1, there are no restrictions in dealing in the sanctioned persons equity, and that the maturity threshold for restricted debt (90 days) is greater than that under Directive 1 (30 days). [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. After the placement of the company's shares on the stock exchange and the consolidation of shares of 12 subsidiaries (including Yuganskneftegaz) of Rosneft, the share of Rosneftegaz decreased to 75.16%. 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. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. 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. He . Rosneft Oil Co. engages in the exploration, development, production and sale of crude oil & gas. [61] The deal was completed on 20 March 2013. See our previous advisory . 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. [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. 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. 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. [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. A number of Rosneft subsidiaries were removed from the list in Q4, 2017 in connection with the sale. [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. Most of them are unorganized tourists, who unfortunately damage the park by litter. 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. 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. The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. The offer failed to attract any customers. The company is controlled by the Russian government through the Rosneftegaz holding company. [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. [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. [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. On 29 September 1995, an Order of the Government of Russia No. In the 2020 Forbes Global 2000, Rosneft was ranked as the 53rd-largest public company in the world. bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. 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. Because the 15 subsidiaries are owned by 50% or more by Rosneft, they are also subject to OFACs sectoral sanctions same as Rosneft. By Joseph R. Fonseca 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 . [7] The company operates in more than twenty countries around the world. [4], On 26 May 2009, a five-year cooperation agreement was negotiated between Rosneft and the Abkhazia's Ministry of Economy. OFAC also issued an advisory regarding certain practices used to circumvent or evade US sanctions involving Crimea. 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. These prohibitions apply with respect to all Crimean port operators and sea ferry operators. 13850 for operating in the oil sector of the Venezuelan economy. Taieb Belmahdi, a former executive at Qatar's state-owned QE, has been elected chairman of the board to replace ex-German chancellor Gerhard Schrder who stepped down in May. Most of Rosneft's current assets were established during the Soviet era. 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. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. On 2 September 2015, the US Commerce Departments Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) to add 29 parties to the Entity List for violating international law and fueling the conflict in eastern Ukraine. [103] Rosneft was added to the SSI on July 16 2014,[104] and was sanctioned by the EU on September 8 2014. General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. 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. [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. 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. Rosneft is also second-to-none in terms of total proved liquid hydrocarbon reserves. Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Targets DPRK Actors Illicitly Generating Revenue Abroad, U.S. Treasury Announces New Funding and Financial Services Headed to Underserved Communities, Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2022, Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, Remarks by Secretary of the Treasury Janet L. Yellen at Wreath Laying Ceremony in Kyiv, Ukraine, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Office of Foreign Assets Control - Sanctions Programs and Information, Specially Designated Nationals And Blocked Persons List (SDN), Civil Penalties and Enforcement Information, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. 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. In the late 1990s, plans for Rosneft's privatization in Russia were made, but due to competition with equally influential pretenders, they were not carried out. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. It operates through. Rosneft puts a priority on prevention and decrease of adverse environmental impact. [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. See our previous advisories here and here for more details. See our previous advisory. Rosneft is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. As FAS has calculated, these actions led to an increase in prices in the wholesale markets of motor gasoline, diesel fuel, and aviation kerosene in the first half of 2009. Since 23 May 2012, former Deputy Prime Minister Igor Sechin became the company's CEO, succeeding Khudaninatov, who received the post of vice-president. OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. The company explores, produces, refines, transports, and sells oil and gas. [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 is headquartered in Moscow, Russia. 13850. [67][68], In March 2022, as a result of the 2022 Russian invasion of Ukraine the EU imposed sanctions on Rosneft. In 2014, Rosneft exported 47 thousand tons of oil products to Abkhazia. [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 advisories on these EOs here and here. 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. [48], On 15 January 2011, Rosneft and British Petroleum (BP) announced a deal to develop the East-Prinovozemelsky field on the Russian arctic shelf between the Yamal Peninsula and Novaya Zemlya island. Attorney Advertising. 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! - Advertisement -. 15 subsidiaries of Rosneft were also added to the Entity List. OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. It also involves in refining, transportation, and sale of petroleum products. [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. Your feedback is important to us. 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. 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. This could also have consequences for consumers. 2. [3][4], Rosneft has played a major role in the history of Russia's oil industry. [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. She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. Rosnft', IPA:[rosneft] stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. 1996-2023 Maritime Activity Reports, Inc. The Bundesnetzagentur (Federal . We use cookies on this website to improve the user experience. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. 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. They include RN-Kart Ukraina LLC, TNK-Industries Ukraine, Aviation Fuel Company LLC and Glusco Retail LLC. 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. 13850 from dealing with Rosneft Oil Company, its non-blocked subsidiaries, or non-blocked affiliates to the extent the proposed dealings do not involve any blocked persons or any other activities prohibited pursuant to any OFAC sanctions authorities. [43], On 2 October 2017, the PLA-linked CEFC China Energy[44] bought a $9 billion stake in Rosneft. While entities owned 50 percent or more by these newly designated entities already were subject to sanctions under the 50 percent rule because of VEBs or Rosnefts ownership interest see OFAC FAQ #401 the new designations add clarity. The event was accompanied by musical bands performances. 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 . 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). 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. [77][78] In August 2021 Igor Sechin increased his own share at Rosneft from 0.1273% up to 0.1288%. Part of the shares were distributed among the Russian population through banks such as Sberbank and Gazprombank. You can also follow us on Twitter (@SteptoeIntlReg). 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. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. This document is part of the source library for NRGI's 2017 Resource Governance Index, Vagit Y. Alekperov: The founder of major Russian oil company Lukoik. MOSCOW - Rosneft has sold its network of fuel filling stations in Ukraine, according to the Russian oil company's list of affiliates. Sustainable Development Support for International Sustainable Development Initiatives It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. [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. On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. [73][third-party source needed], According to Rosneft, the reserves increment in Western Siberia amounted to 133million tons of oil and condensate and 87billion cubic metres (8.71010 cubic metres) of natural gas. Type Public Status Active As of September 2012, Rosneft had over 160,000 shareholders. [52] The TNK-BP partners had previously signed a shareholding agreement which stipulated that their Russian joint venture would be the primary corporate vehicle for BP's oil and gas operations in Russia. 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. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. 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. http://www.rosneft.com/about/Glance/OperationalStructure/. 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. [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. "Taking a rig from the British sector to the Norwegian sector requires a set of modifications." 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 [102], Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. [50][48] According to the deal, the two companies would create an Arctic technology centre in Russia to develop technologies and engineering practices for safe arctic hydrocarbons extraction. Russian government announced that information of the government puts it in charge of Rosneft subsidiaries were removed from List. Banks such as Sberbank and Gazprombank and decrease of adverse environmental impact state-controlled global energy giant Rosneft oil Co. in... 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