The Russian branch of Greenpeace called Rosneft the dirtiest oil 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. 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. 13850 for operating in the oil sector of the Venezuelan economy. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. bp to exit Rosneft shareholding bp to exit Rosneft shareholding Release date: 27 February 2022 bp will exit its 19.75% shareholding in Rosneft. Young professionals from Ryazan Oil Refinery took part in domestic garbage collection within the grove on Beryozovaya street, one of the top destinations among Ryazan citizens. - Advertisement -. 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. 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. In 2014, Rosneft exported 47 thousand tons of oil products to Abkhazia. 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." 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). 13850 for operating in the oil sector of the Venezuelan economy. 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). Led by Igor Sechin, close associate of Vladimir Putin, Rosneft has begun to venture into the Middle East . [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. You can also follow us on Twitter (@SteptoeIntlReg). [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. New business models are being adopted in the marine industry to increase efficiency, minimize risks, lower costs while ideally minimizing carbon footprint at the same time. 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 Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. PJSC Rosneft Oil Company (Russian: , tr. He . On 29 September 1995, an Order of the Government of Russia No. Our company is responsible for both the supply of crude oil to the PCK, MiRO and Bayernoil refineries and the distribution of petroleum products. Previously, Yukos Capital applied to international arbitration under the International Chamber of Commerce, and it obliged Tomskneft to pay 7,254.2 million ($239M), $275,200, and 52,960, with an interest rate of 9% per annum for the amount of 4,350 million ($144M), starting from 12 February 2009 until the day of payment of the debt. Rosneft is already on the Entity List and is an entity identified on OFACs Sectoral Sanctions Identifications List. 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. 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. See our previous advisories on these EOs here and here. 1.4.9d: Does the SOE publicly disclosea list of its subsidiaries? Similar events have been also organized in other Rosneft subsidiaries. The move by the government puts it in charge of Rosneft's stakes in three refineries in . 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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See our previous advisory. 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. [3][4], Rosneft was founded in 1993 as a state enterprise and then incorporated in 1995, acquiring a number of state-controlled gas and oil assets. Lebedi village, place of resort of the citizens. [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. In 2019, utilizing flight-tracking databases, Reuters identified dozens of flights by Rosneft jets over a four-year period that flew during Russian holidays or weekends. [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. This document is part of the source library for NRGI's 2017 Resource Governance Index, This could also have consequences for consumers. Directive 4 prohibits US persons from exporting or re-exporting any goods, services, or technology related to exploration and production for oil in Russian deepwater, Arctic offshore, and shale projects that involve persons designated under Directive 4. [8], In March 1996, Rosneft founded the Russian Regional Development Bank. OFAC added VEB and Rosneft to the SSI List in July 2014. 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. 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. According to the director of the Russian branch of Transparency International, Elena Panfilova, improvement of such legislation is necessary so that state corporations can unequivocally interpret the norm on the publication of personal information. 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. 45new deposits with the total reserve of 59million tons of AB11 + 22 were discovered. [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. 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%. In place of the former waste ground cleared by the plant employees, there will be constructed a children's playground. Since the beginning of the year, with the use of specialized machinery they have collected and removed 70 tones of litter. [85], In October 2009, the Federal Antimonopoly Service (FAS) imposed on Rosneft a record fine of 5.3 billion ($175M) for violating anti-monopoly legislation. The restrictions do not apply to gas projects. 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 . All Rights Reserved. The first well could be drilled in 2012. 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. However, the Arbitration Court of Tomsk Oblast, having considered the claim, ruled to refuse Yukos Capital in debt collection.[88]. They were convicted, but in 2013 Putin pardoned Khodorkovsky and 2014 the Russian supreme court announced that Lebedev should also be freed early. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. 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. However, there has also been a less, Rescuers recovered four more bodies on Monday, a day after a wooden sailboat carrying migrants to Europe smashed onto rocks, FTS Group won an auction on Friday to operate a terminal at the port of Paranagua, one of the main ports in Brazil for grains and sugar, Answering the Call of Digitization and Sustainability, Find out how InfiniD high-quality biodiesel can help your marine fleet - starting today. [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. The integrated management control system of industrial safety, work safety, and environment certificated against international standards OHSAS 18001:2007 and ISO 14001:2004 successfully operates in Rosneft. [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. Sustainable Development Support for International Sustainable Development Initiatives 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. [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. 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. 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 is also second-to-none in terms of total proved liquid hydrocarbon reserves. natural resource governance in oil, gas and mineral-rich Besides, Ryazan Oil Refinery has been taking part in domestic garbage collection and green planting organization on city centre streets for 12 years. 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. [citation needed], In May 2007, Rosneft won a number of auctions for the sale of Yukos' assets, including five refineries and oil companies Tomsk Oil Company and Samara Oil and Gas Company, making it the largest oil company in Russia. 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. By Joseph R. Fonseca 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. 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. 37well tests were completed with a success rate of 76%. Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years. Oil workers intend to participate in supporting natural environment of the park in future. 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. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. The replacement factor for new reserves has been significantly above 100% for over ten years. MOSCOW - Rosneft has sold its network of fuel filling stations in Ukraine, according to the Russian oil company's list of affiliates. [36], In September 2010, Eduard Khudainatov replaced Sergei Bogdanchikov as CEO of the company.[37]. By the end of 2020, Rosneft's total . [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. The plaintiffs claim this is unlawful. survey. [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. Both bp-nominated directors to resign from Rosneft board with immediate effect. [45], On 26 September 2017, the Russian government controversially approved the former German chancellor Gerhard Schrder as chairman of Rosneft. [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. [21] According to some estimates,[who?] As part of the event, Rosneft subsidiaries workers made a vital contribution to the environmental situation improvement in towns, villages, and parks. In addition to it, the plant employees patronize the villages in Novokuibyshev suburbs. Total crude oil output reached 847.4 million barrels (134.73million cubic metres) of oil and gas condensate. 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. The transaction value is estimated at US$28 million. 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. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. 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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. OAO Rosneft Oil Company Company Profile. [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. 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. [4], Rosneft was established in 1993 as a unitary enterprise with assets previously held by Rosneftegaz, the successor to the Soviet Union's Ministry of Oil Industry. 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 . [97] In 2007, the company planned to perform hydraulic fracturing of the formation at 440 wells. [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. 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). 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. [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. 2023 Steptoe & Johnson LLP. As Rosneft Trading S.A. and TNK Trading International S.A. are also identified on the Sectoral Sanctions Identifications List (SSI List) pursuant to Directives 2 and 4 to E.O. 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