She also advises clients on the extra-territorial application of trade compliance-related regulations in cross-border transactions. 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 The Entity List imposes a license requirement for the export, reexport, or transfer (in-country) of all items subject to the EAR to the 15 Rosneft subsidiaries when the exporter/reexporter, or transferor knows that the item will be used directly or indirectly in exploration for, or production of, oil or gas in Russian deepwater, Arctic offshore locations, or shale formations in Russia, or is unable to determine whether the item will be used in such projects. To access the full dataset and all other index resources, visit https://resourcegovernanceindex.org . Mr. 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). Rosneft Oil Co. engages in the exploration, development, production and sale of crude oil & gas. 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. Energy Information Administration (EIA). Rosneft and many of its subsidiaries have been sanctioned in the past and appear on the Sectoral Sanctions Identification (SSI) List. The majority of revenue is generated from its oil segment, where crude and refined products are sold to international and domestic markets. 15 subsidiaries of Rosneft were also added to the Entity List. 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 . 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 . 13850. The proceedings could also affect consumers in Germany: If the court upholds . 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. Sustainable Development Support for International Sustainable Development Initiatives All 14 parties were already designated by the US Treasury Departments Office of Foreign Assets Control (OFAC) as Specially Designated Nationals (SDNs), meaning that US persons generally are prohibited from dealing with such parties and must block their property and interests in property if it comes within the United States or within the possession or control of a US person. 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. Entities that are 50 percent or more owned by one or a combination of specially designated nations are also subject to these sanctions. 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. Nevertheless, the introduction of restrictive measures against its subsidiary can be seen as a signal from the US that sanctions against the Russian entity may be tightened. Help us to improve ResourceData.org by taking a short It became Russia's leading oil company after purchasing assets of the former oil company Yukos at state-run auctions. In the following years, in addition to litter collection, employees of the major oil producing enterprise in the region have planted about 350 trees. 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). On December 15 2017, a Moscow court sentenced Alexei Ulyukayev, a former Russian economy minister to paying 130M ($2.2M) and eight years in a penal colony for bribery and corruption. As of September 2012, Rosneft had over 160,000 shareholders. Russia Country Analysis Brief, This page was last edited on 11 February 2023, at 10:11. Rosneft Trading S.A. is a subsidiary of the Russian state-controlled global energy giant Rosneft Oil Company. During this year event, 40 employees of Samaraneftegaz cleaned up the territories adjacent to the recreational area, mounted benches, and fixed hard landscaping. 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. OFAC added 18 majority-owned subsidiaries of VEB and 17 majority-owned subsidiaries of Rosneft to the SSI List pursuant to EO 13662. The operation was conducted for seven hours and was broadcast live via the Internet to the office of Yuganskneftegaz. The first use of the name Rosneft dates back to the late 19th century, when exploration of oil fields in Sakhalin began in 1889. [8], In March 1996, Rosneft founded the Russian Regional Development Bank. Overview Rosneft is a company that provides hydrocarbon exploration, production, and refining and marketing services. On this Wikipedia the language links are at the top of the page across from the article title. 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). In July, the Russian government announced that information of the income of top management of companies listed in Government Decree No. Vagit Y. Alekperov: The founder of major Russian oil company Lukoik. 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. 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. [33][34], According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. [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. - Advertisement -. [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. 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, [11], In October 1998, the Russian government appointed Sergey Bogdanchikov as president. 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. [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. The E.O. With the dissolution of the consortium, the Qatar Investment Authority purchased the shares instead, thereby solidifying its position as one of the biggest shareholders (19%) of Rosneft. [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. Specifically, the federal . OFAC has authorized a wind down period for both companies through 12:01 a.m. U.S. Eastern Time on May 20, 2020. In place of the former waste ground cleared by the plant employees, there will be constructed a children's playground. Rosneft Deutschland . [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. September 2, 2014. These prohibitions apply with respect to all Crimean port operators and sea ferry operators. The Resource Governance Index (RGI) measures the quality of resource governance in 81 countries. 613 July 22, 2013 which includes Rosneft, "are subject to placement in the information and telecommunications network 'Internet' on the official websites of these organizations."[107]. Rosneft's subsidiaries play an important role in Venezuela's oil sector. [21], The purchase of Yugansk in 2005[23] greatly increase the number of assets and production for Rosneft. . PJSC Rosneft Oil Company (Russian: , tr. The Company's refineries in Russia refined 93.0 mmt in 2020. April 29 (Reuters) - Russian oil giant Rosneft (ROSN.MM) is not scheduled to export any diesel from the Baltic port of Primorsk in May as demand from Europe was set to decline amid tightening . [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 offer failed to attract any customers. 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. [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. [60] According to Rosneft's CEO Igor Sechin, no discussion had been held on a buyout of minority shareholders in TNK-BP Holding. Children 's playground past and appear on the extra-territorial application of trade compliance-related regulations in cross-border transactions sanctioned. ; gas, where crude and refined products are sold to international and domestic markets 's! ( Russian:, tr sale of crude oil & amp ; gas last on! 18 majority-owned subsidiaries of Rosneft were also added to the office of.... 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