Rosneft
[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.[18] When the Great Recession struck Russia in late 2008, Rosneft was able to endure the economic pains by improving and strengthening business lines, management, and transparency, and as a result, became a leading oil company domestically and internationally.[19][20][21] 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.On 22 December 2004, Rosneft 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.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.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.[25] In June, Rosneft paid $731 million for the transportation assets of Yukos, which had declared bankrupt in August 2006 after three years of litigation over tax arrears.[35] As part of the project to develop the Gudauta area on the Black Sea shelf, Rosneft carried out a full range of geophysical and geochemical research, conduct 2D and 3D seismic surveys, and start preparations for exploratory drilling.[citation needed] 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.[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.[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.[48] On 15 January 2011, Rosneft and BP announced a deal to develop the East-Prinovozemelsky field on the Russian arctic shelf between the Yamal Peninsula and Novaya Zemlya island.[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.[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.[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.[64] The week beginning 19 April 2022, Rosneft attempted to sell millions of barrels of Urals, one of three main export-grade crude oils sold by Russia.[65] Following the 2022 Russian invasion of Ukraine more than half of Rosneft's 11-member board had quit, forcing the company into a major reshuffle at its annual general meeting on 30 June 2022.Taieb Belmahdi, a former executive at Qatar's state-owned QE, has been elected chairman of the board to replace ex-German chancellor Gerhard Schröder who stepped down in May.[68] On 13 March 2024, Ukrainian drones set fire to Rosneft's oil refinery in Ryazan, the seventh largest in Russia, causing injuries according to the regional governor.[71] The first 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 Nicolás Maduro regime by operating in the oil sector of the Venezuelan economy.[88] 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.At the same time, the composition of the beneficiaries was not disclosed as it was known that the oil company had previously committed to pay $180 million for the right to be the general sponsor of the 2014 Winter Olympics in Sochi.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.[100] On 15 December 2017, a Moscow court sentenced Alexei Ulyukayev, a former Russian economy minister to pay ₽130M ($2.2M) and eight years in a penal colony for bribery and corruption.Ulyukayev retorted that the "fabricated" accusations of bribery were "based solely on Sechin's claims," and that the whole exchange had been engineered by the Russian Federal Security Service, the successor of the KGB.[106][107] As a result of the environmental contamination, people have observed black water coming out of their taps, cattle have been stricken with tuberculosis, and fish have been found deformed.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.However, this did not prevent the company from providing information regarding the incomes and property of Rosneft's top managers and their relatives to "competent authorities" in the prescribed "time and amount".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.
RussneftPublicTraded asPetroleumSoviet UnionMoscowMohammed Saleh Al SadaChairmanIgor SechinNatural gasMotor fuelsPetrochemicalsOperating incomeNet incomeTotal assetsTotal equityRosneftegazSubsidiariesNayara EnergyromanizedintegratedextractiontransportRussian governmentportmanteauRussianstate enterpriseTNK-BPpublicly tradedthird-largest Russian companyGazpromrevenuerankingForbes Global 2000oil industryexplorationSakhalinSovietunitary enterpriseMinistry of Oil IndustryOrder of the Government of Russiaopen joint stock companyRussian Regional Development Bank1998 Russian financial crisisSergey Bogdanchikovprivatization in RussiapretendersSakhalin-IIIVerkhnechonskneftegazGreat RecessiontransparencyChinese National Petroleum CorporationTransneftEastern Siberia–Pacific OceanChina Development BanksecuritySaint Sophia ChurchBaikal Finance GroupYuganskneftegazAndrei IllarionovMikhail KhodorkovskyMenatepPlaton Lebedevtax evasionRussian supreme courttransfer pricesRussian oil and gasVedomostiinitial public offeringLondon Stock ExchangeRussian Trading SystemMoscow Interbank Currency ExchangeSberbankGazprombankFederal Service for Financial Marketsglobal depository receiptconsolidationcapitalizationLukoilPetronasAbkhaziageological prospectinghydrocarbonsSukhumi Babushara AirportRaul KhajimbaAlexander AnkvabPeople's AssemblyRussian PresidentDmitry MedvedevPresident of VenezuelaHugo ChávezUnited Shipbuilding CorporationKommersantEssar OilGlencoreQatar Investment AuthorityCayman Islandsholding companyCEFC China EnergyGerman chancellorGerhard SchröderExxonMobilRex TillersonEast-Prinovozemelsky fieldRussian arctic shelfYamal PeninsulaNovaya ZemlyaKara Seajoint ventureTuapse fieldBlack Sea shelfKrasnodar Kraibarrels of oil equivalentTuapseTrump administrationRussian invasion of UkraineTrafigura2Rivers2022 Russian invasion of UkraineSakhalin-IUkrainian retaliatory drone strikesTuapse oil terminalRyazanObama administrationsanctionsUS Department of Treasury