OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. See our previous advisories on these EOs here and here. As of September 2012, Rosneft had over 160,000 shareholders. [48] The value of the deal is unknown, but ExxonMobil is expected to invest $1billion in the project. 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. 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. 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. Your feedback is important to us. Rosneft's core activities include oil and gas production, refining and export. [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. As discussed above, EO 13685 prohibits US persons from engaging in virtually all direct or indirect transactions with persons or entities in Crimea, unless permitted by OFAC or a statute. In this case, sanctions are likely to cause more serious damage to the Russian company. [58], On 22 October 2012, it was announced that Rosneft will take over TNK-BP International, a parent company of TNK-BP Holding, which is the third largest oil company in Russia. Rosneft Oil Company / annual report 2006 Contents Chairman's Address 6 Example: List of subsidiaries of General Electric at SEC.gov. 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. [48] The venture will be shared 5050 between the companies during prospecting phase, and two-thirds to one-third in Rosneft's favour during the extraction phase. 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. visit. 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. 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. 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 cooperation with the park started back in 2010, when oil workers helped to backfill tourist trails, paint summerhouses and benches. The German government has placed German Rosneft subsidiariesRosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM)under fiduciary management. 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. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. 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. [54][55], On 27 January 2011, Rosneft and the American company ExxonMobil signed a deal to establish a joint venture for the purpose of prospecting and extracting oil from the Tuapse field deepwater area on the Black Sea shelf, near the coast of the Krasnodar Krai. 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). 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 . The plaintiffs claim this is unlawful. Rosneft was added to the SSI on July 16 2014, and was sanctioned by the EU on September 8 2014. [84], Rosneft has been ranked as among the 13th best of 92 oil, gas, and mining companies on indigenous rights and resource extraction in the Arctic. Rosneft and Rosneft Trading have been named on the Sectoral Sanctions Identification List (the "SSI List") since 2014 and 2015, respectively. Blocking sanctions do not apply to these entities ultimate parent, Rosneft Oil Company. By the end of 2020, Rosneft's total . Its name is a portmanteau of the Russian words Rossiyskaya neft (Russian: , lit. On 22 December 2004, Rosneft had purchased Baikal Finance Group which bought Yuganskneftegaz (Yugansk), a main asset of Yukos, three days earlier at a state-run auction for US$9.35 billion to satisfy tax debts. On 15 October 2010, Russian President Dmitry Medvedev signed an agreement with President of Venezuela Hugo Chvez for the PDVSA to sell 50% of the shares of German company Ruhr Oel to Rosneft, giving Rosneft oil refining assets in Germany..mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription a,.mw-parser-output .citation .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}"Stake in Ruhr Oel GmbH". 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. All Rights Reserved. [53] On 30 August 2011, Rosneft announced that instead of BP the partner for EPNZ-1, EPNZ-2 and EPNZ-3 in the Kara Sea will be ExxonMobil. He . On February 18, 2020, OFAC designated Rosneft Trading S.A. pursuant to E.O. Similar events have been also organized in other Rosneft subsidiaries. [87], On 16 August 2010, Yukos Capital appealed to the Federal Arbitration Court of the West Siberian District with a cassation appeal against the decision of the Arbitration Court of Tomsk Oblast to refuse reclaiming from Tomskneft, a Rosneft subsidiary, more than 7 billion ($231M) under loan agreements. 971 transformed Rosneft into an open joint stock company. 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 Rosneft undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. 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. [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. State holding company Rosneftegaz has lowered its 50.33% direct stake to 40.4% with subsidiary RN-NeftKapitalInvest taking 9.6% and Rosneft unit RN-Capital 0.33%. March 28, 2020. 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. OFAC also issued a press release detailing its actions and a web posting listing the newly designated entities. For the time being, it appears that the US approach is to make designations under the existing EOs and Directives, although this can change. [21] According to some estimates,[who?] [4][27][28], The Federal Service for Financial Markets authorized the placement and circulation outside the country of a 22.5% stake in Rosneft. After the seizure of Rosneft's assets in the United Kingdom and the denial of an appeal by the Supreme Court of the Netherlands, Rosneft said that Yukos Capital paid Yuganskneftegaz its debt of 12.9 billion ($426M). In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. At the moment, Rosneft is under sectoral sanctions only. In 2014, a debt of 3.5 billion rubles ($53.3 million) was added to the company's creditors demands list. 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. See our previous advisory. The company has surprised many in overcoming these constraints and by aggressively expanding its international business. The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. Rosneft puts a priority on prevention and decrease of adverse environmental impact. 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. After the expiration of this authorization, unless exempt or authorized by OFAC, U.S. persons will be prohibited from engaging in transactions with 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, and must block property or interests in property of Rosneft Trading S.A. and TNK Trading International S.A. that are in, or come within, the United States, or the possession or control of a U.S. person. 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. 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). Rosneft Deutschland . 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. [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. natural resource governance in oil, gas and mineral-rich 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. The ownership structure includes a Cayman Islands company, QHG Cayman Limited, whose ownership can not be traced. 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. On this Wikipedia the language links are at the top of the page across from the article title. Besides, Ryazan Oil Refinery has been taking part in domestic garbage collection and green planting organization on city centre streets for 12 years. 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. In 2013, oil workers planted about 5 thousand pine plants in the area of 6 hectares. Later their number was halved as a result of acquisitions. [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. [89] The case was widely seen as Rosneft CEO Sechins revenge for Ulyukayev opposing Rosnefts takeover of Bashneft, another oil company. 13850 for operating in the oil sector of the Venezuelan economy. The new designations and sanctions advisory demonstrate a continuing commitment by US authorities to enforce sanctions related to the situation in Ukraine. 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. This document is part of the source library for NRGI's 2017 Resource Governance Index, A number of Rosneft subsidiaries were removed from the list in Q4, 2017 in connection with the sale. 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. 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. 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. 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. At least 13 flights went. bp will no longer report reserves, production or profit for Rosneft. [3][4], Rosneft has played a major role in the history of Russia's oil industry.

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