In 2016, the total incremental 4.8billion cubic metres (4.8109 cubic metres) of gas. 13850 for operating in the oil sector of the Venezuelan economy. In addition to it, the plant employees patronize the villages in Novokuibyshev suburbs. 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. [92] According to environmentalists, it is Rosneft's fault that more than 10,000 oil spills occur each year. [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. 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. OFAC added VEB and Rosneft to the SSI List in July 2014. 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. 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). 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. Rosneft undertook exploration on the shelf in the Ochamchira area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. Type Public Status Active The evasive practices of third parties identified by OFAC may cause US companies and foreign companies doing business in US, notwithstanding their existing compliance controls, to engage in activities that are in violation of US sanctions, which are strict liability regimes that do not take intent into account for civil violations. It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. [4], On 26 May 2009, a five-year cooperation agreement was negotiated between Rosneft and the Abkhazia's Ministry of Economy. 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. 13850 for operating in the oil sector of the Venezuelan economy. 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 . 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. 11 exploration well tests were completed with a success rate of 55%. One hundred and forty-nine questions were asked for each assessment and for each OFAC also designated to the SDN List Didier Casimiro, Rosneft Trading's Vice President for Refining, Petrochemical, Commerce and Logistics. 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. In place of the former waste ground cleared by the plant employees, there will be constructed a children's playground. These prohibitions apply with respect to all Crimean port operators and sea ferry operators. 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. [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. 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. Later their number was halved as a result of acquisitions. Investors bought 1.38 billion shares for US$10.4 billion: 21% of the shares were bought by strategic investors, 36% from international investors from North America, Europe, and Asia, 39% from Russian investors, and 4% from Russian retail investors. [79], Members of the board of directors (as of June 2022):[80], In 2011, according to Rosneft, the company had donated $422 million to charity, 4 times than the previous year, becoming the leading Russian company devoted to philanthropy that year. 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. Most of them are unorganized tourists, who unfortunately damage the park by litter. [42] After the transaction, Rosneft's holding company Rosneftegaz retained 50% + 1 share of the company. For more information about how we use cookies and how to change your cookie settings, please see our Cookies Policy. [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. For the fifteen Russian subsidiaries of Rosneft and energy sector entities added to the Entity List based on activities described in Executive Order 13662, the Entity List imposes a license Start Printed Page 52966 requirement for the export, reexport or transfers (in-country) of all items subject to the EAR to those companies when the exporter, In July 1998 the Russian government tried to sell Rosneft, but it failed. The Natural Resource Governance Institute (NRGI) helps people to realize the benefits of their countries endowments of oil, gas and minerals. This could also have consequences for consumers. [46], In May 2018, it was announced that the Qatar-Glencore consortium is cancelling the plan to sell a $9.1 billion (14%) stake of Rosneft to CEFC China Energy. Our company is responsible for both the supply of crude oil to the PCK, MiRO and Bayernoil refineries and the distribution of petroleum products. At the moment, Rosneft is under sectoral sanctions only. [74] Rosneft is the second largest national oil company by retail network, which covers 41regions of Russia and includes 1,800filling stations. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. The government has now placed two Rosneft subsidiaries under the trusteeship of Germany's energy regulator, meaning that three critical refineries are now controlled by Germany. [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. 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. The refineries are able to process about 45% of crude oil produced by Rosneft as a whole. We do this through technical advice, advocacy, applied research, policy analysis, and capacity development. 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. The new restrictions resulting from OFACs July 30 designations are those related to the new SDN designations described above. She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. See alsoFAQs 398 and 400 for information regarding dealings with blocked persons representing non-blocked entities. Subscribe to Maritime Reporter Email News. 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. 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. 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[51] AAR, which represents four billionaires of Russian origin and is BP's Russian partner in the TNK-BP joint venture, blocked the BPRosneft deal in international courts, arguing it breached earlier contracts between BP and AAR. [35] In June 2014, Rosneft extended the shelf study period to five years. 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. These refineries . 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. The transaction value is estimated at US$28 million. 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. The company, during this time, managed to restore its status after its rough start in the 1990s with the acquisition of Krasnodar Oil and Gas Company in 2002 and Northern Oil Company in early 2003. [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. 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 . Rosneft's subsidiaries play an important role in Venezuela's oil sector. 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. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. In response to the deal, Andrei Illarionov, then a senior Putin economic advisor, denounced it as "fraud of the year". See our previous advisories on these EOs here and here. visit. 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). Its name is a portmanteau of the Russian words Rossiyskaya neft (Russian: , lit. 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. 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