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 . 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 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. 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. [83], Since 2012, Rosneft, along with Gazprom, is the title sponsor of the association football team FC Tom Tomsk based in Tomsk. The area of more than 1 thousand square m has been cleaned up. [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. The significant step was to sign a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf prepared at the initiative of Rosneft in cooperation with its partners, such leading world energy companies as Statoil, ExxonMobil, and Eni. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. [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. Subscribe to Maritime Reporter Email News. 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. visit. Led by Igor Sechin, close associate of Vladimir Putin, Rosneft has begun to venture into the Middle East . OFAC added the following individuals and entities to the SDN List pursuant to EO 13661 for providing material support to Gennady Timechenko, Boris Rotenberg, or Kalashnikov Concern, who previously were designated under EO 13661: OFAC also added the following entities linked to Kalishnikov Concern to the SDN List pursuant to EO 13661 for operating in the arms or related material sector in the Russian Federation: OFAC added the following five port operators and one sea ferry operator to the SDN List pursuant to EO 13685 for operating in the Crimea region of Ukraine: EO 13685 prohibits US persons from engaging in the following activities: (i) new investments in Crimea, (ii) import of goods, services, or technology from Crimea, (iii) export or re-export of goods, services, or technology to Crimea, and (iv) facilitation of non-US persons engaging in the foregoing activities. 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. 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. In exchange, subject to approval by U.S. regulators, in addition to a share in oil production in Russian fields, Rosneft was granted participation in U.S. fields in Texas and the Gulf of Mexico. For example, the following information can be obscured in order to evade or circumvent US sanctions involving Crimea: (i) originator or beneficiary address information from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) messages involving persons or entities in Crimea; or (ii) references to Crimea in trade related documentations by, for example, listing Crimean counterparties as being located in Russia rather than in Ukraine. See our previous advisory. 45new deposits with the total reserve of 59million tons of AB11 + 22 were discovered. 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. [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. [16] By the same year, Rosneft produced 100 million barrels of oil, 20% of Russia's output at the time. Five new deposits with reserves of 39million tons of oil equivalent were discovered. [61] The deal was completed on 20 March 2013. 1996-2023 Maritime Activity Reports, Inc. 11 exploration well tests were completed with a success rate of 55%. Natural gas transmission system of Ukraine, 20222023 RussiaEuropean Union gas dispute, International sanctions during the Russo-Ukrainian War, International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Rosneft&oldid=1138743601, Companies listed on the London Stock Exchange, Russian entities subject to the U.S. Department of the Treasury sanctions, CS1 maint: bot: original URL status unknown, Short description is different from Wikidata, Articles containing Russian-language text, Articles with unsourced statements from November 2020, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from January 2015, Articles with unsourced statements from March 2018, Articles lacking reliable references from May 2018, Articles with Russian-language sources (ru), Creative Commons Attribution-ShareAlike License 3.0, Gennady Bukaev Vice President, Head of Internal Audit, Yury Narushevich Vice President for Internal Services, Zeljko Runje Vice President for Offshore Projects, Yuri Kurilin Vice President, Chief of Staff, Andrey Shishkin Vice President for Energy, Localization, and Innovation. 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. 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. 13850 for operating in the oil sector of the Venezuelan economy. The operation was conducted for seven hours and was broadcast live via the Internet to the office of Yuganskneftegaz. . Lebedi village, place of resort of the citizens. [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. [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. [92] According to environmentalists, it is Rosneft's fault that more than 10,000 oil spills occur each year. [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. 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. [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. PJSC Rosneft Oil Company (Russian: , tr. [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. 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. You can also follow us on Twitter (@SteptoeIntlReg). The first use of the name Rosneft dates back to the late 19th century, when exploration of oil fields in Sakhalin began in 1889. The refineries are able to process about 45% of crude oil produced by Rosneft as a whole. The offer failed to attract any customers. Similarly, blocking sanctions do not apply to Rosneft Oil Company or other subsidiaries or affiliates, provided that such entities are not owned 50 percent or more in the aggregate by one or more blocked persons or otherwise explicitly designated or identified by OFAC. Since 2015, Rosneft started supplying aviation fuel for Sukhumi Babushara Airport.[35]. The proceedings could also affect consumers in Germany: If the court upholds . 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. [97] In 2007, the company planned to perform hydraulic fracturing of the formation at 440 wells. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. this operation was directed by Russian authorities in order to nationalize Russia's oil and gas industry. The replacement of hydrocarbon reserves of industrial categories ABC1 amounted to 354million TOE or 126% of the production in Russia. [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. According to the ruling, websites of the companies should show the personal information of their top managers such as income, property, spouses, and children. [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. Rosneft's subsidiaries play an important role in Venezuela's oil sector. 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. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. The Company's refineries in Russia refined 93.0 mmt in 2020. [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. 49.4% of the total IPO volume accounted for four investors, including BP for US$1 billion, Petronas for US$1.5 billion, and the CNPC for $0.5 billion. [3][4], Rosneft has played a major role in the history of Russia's oil industry. 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. On this Wikipedia the language links are at the top of the page across from the article title. Lukoil began as Langepas-Uray-Kogalymneft, a Russian state-owned energy company that Alekperov helped to found in 1991. September 2, 2014. During the early 1990s, almost all Russian oil companies and refineries were extracted from Rosneft to form ten integrated companies. [12] The company owned two obsolete refineries and several low-productive and poorly managed oil-producing assets. [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. [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. [4] In March 2007, Rosneft had announced it hoped to increase production from 80million tonnes to 103 million tonnes from 2006 to the end of 2007, extract 140million tonnes of oil by 2012, and become a global top three energy company. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. [57] According to analysts, offshore areas are central to Rosneft's expansionist plans, and the company is looking for foreign cooperation to bring in new technology and share risks. Federal representatives countered that the measure was legal. [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. Type Public Status Active General License 36Aauthorizes U.S. persons to engage in certain activities prohibited by E.O. 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 is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. 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. 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. Rosneft puts a priority on prevention and decrease of adverse environmental impact. Description Rosneft Oil Co is an integrated oil and gas company in which the Russian government is a majority shareholder. E-Mail: info@rosneft.de Press Contact. 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. [21] According to some estimates,[who?] In addition to it, the plant employees patronize the villages in Novokuibyshev suburbs. [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. "[36], A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. 37prospecting and exploration wells tests were completed with a success rate of 89%. Rosneft Deutschland . In July 1998 the Russian government tried to sell Rosneft, but it failed. [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. In 2014, Rosneft exported 47 thousand tons of oil products to Abkhazia. 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. Most of them are unorganized tourists, who unfortunately damage the park by litter. The cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. [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. See our previous advisories here and here for more details. 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 . [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. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. The owners are opposing this in court. Mr. The E.O. Total crude oil output reached 847.4 million barrels (134.73million cubic metres) of oil and gas condensate. Headquarters Russia Address Sofiyskaya Naberezhnaya, 26/1, Moscow, 117997 Website www.rosneft.ru Telephone 7 499 5178899 No of Employees 334,600 Industry Energy and Utilities Ticker Symbol & Exchange ROSN (MCX) Revenue (2022) $118.9B 52.2% (2022 vs 2021) EPS XXX Net Income (2022) XXX 568.9% (2022 vs 2021) We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. 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. We work with innovative agents of change within government ministries, civil society, the media, legislatures, the private sector, and international institutions to promote accountable and effective governance in the extractive industries. Employees of Novokuibyshev Oils and Additives Plant took part in domestic garbage collection along the lake shore in 3. The designations targeting VEB and Rosneft subsidiaries do not impose new restrictions, but rather are intended to assist US persons in identifying sanctioned persons; as noted above, all entities owned 50 percent or greater by VEB or Rosneft, and now of course by these newly-identified entities, are subject respectively to Directive 1 (for VEB subsidiaries) and Directives 2 and 4 (for Rosneft subsidiaries). The transaction value is estimated at US$28 million. To access the full dataset and all other index resources, [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. Note that the license requirement applies toallitems subject to the EAR and not only to the items specified in Part 746.5(a). 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. [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. [30], On 14 July, the official results of the placement value were announced. In 2007, the former assets of Yukos provided 72.6% of oil and gas condensate production and 74.2% of Rosneft's primary refining. 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. As of September 2012, Rosneft had over 160,000 shareholders. The Company's refining block includes 13 large refineries as well as petrochemical and gas processing facilities located in 5 Federal Districts: Central, Volga, Southern, Siberian, and Far Eastern. 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. In addition, in 2002, the company received a license for the development of the Sakhalin-IV and Sakhalin-V project,[13] and in 2003 a license for the development of the Sakhalin-III project. 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