Contents tagged with Rosneft

  • Russia’s largest petrochemical project declared unprofitable

    The Russian oil company Rosneft has abandoned its plans to invest in the Eastern Petrochemical Complex (EPC) in the Far East, the company’s first vice president Pavel Federov said in a conference call, finanz.ru reports.

    The $12 billion project, which was meant to be built in Primorsky Krai and become Russia’s largest petrochemicals cluster, was found to be unprofitable.

    The complex, which was expected to include oil refineries with a total annual capacity of 12 million tons and 3.4 million …

  • Russian oil giant Rosneft claims US approved oil deliveries from Venezuela to India

    Since the Venezuelan oil that Rosneft has been sending to factories in India was bought with prepaid contracts, the US State Department gave approval for these shipments, said Vice President of the Russian company Didier Casimiro as quoted by RBC news agency. 

    “We are allowed to use Venezuelan oil because the Venezuelan oil that we supply to refineries in India is under Rosneft’s prepaid contracts. Therefore, the US State Department gave its consent,” Casimiro said.

    He also added that the …

  • Russian oil giant Rosneft wants to ban Reuters in Russia

    The Russian oil company Rosneft has accused the Reuters news agency of “lying and disseminating rumors in the interests of its clients".

    Rosneft has published a statement on its website in response to Reuter’s article alleging that the company is helping the Venezuelan government to sell oil bypassing United States sanctions. According to Reuters, Rosneft is making money by buying discounted oil from the Venezuelan state-owned company PDVSA and then reselling it at full price.

    Rosneft called …

  • Putin sends birthday wishes to former German Chancellor Gerhard Schroeder

    President Vladimir Putin sent birthday wishes to former German Chancellor and Chairman of the Board of Directors of Russian oil giant Rosneft, Gerhard Schroeder, on his 75th anniversary, said Putin’s press secretary Dmitry Peskov as quoted by  TASS.

    Peskov noted that Putin called Schröder and wished him success.

    Putin and Schroeder has maintained friendly relations from the time Schroeder served as chancellor of Germany. Schroeder also chairs the Nord Stream AG shareholder committee and sided …

  • Fund of Putin’s daughter receives $430,000 from Russian oil giant Rosneft

    The National Intellectual Development Foundation, headed by Vladimir Putin’s daughter Yekaterina Tikhonova, won the Rosneft tender for patent research, reported MBH-media.

    The value of the contract is 28 million rubles ($430, 000 USD).

    According to Rosneft’s request the patent research is to be conducted by "taking into account the priorities of the company's innovation activities."

    In the summer of 2018, the RBC news agency reported that the National Intellectual Development Foundation …

  • Russian oil conglomerate Rosneft threatens to sue Washington after US accuses it of buying Venezuelan oil

    Rosneft has responded to the accusations voiced by US Secretary of State Mike Pompeo that the Russian company is buying oil from Venezuela in contravention of the sanctions. The response was published on the official Rosneft website.

    “Rosneft is assessing the consequences of the statements made by US officials, and if damage is identified, it will seek to protect its rights in accordance with the standards of international law,” the document states.

    The Russian oil company emphasizes that it …

  • Russian oil giant Rosneft reports losses in Venezuela

    In its annual IFRS report and presentation on Tuesday, the Russian energy company Rosneft reported that it has a total of $4.4 billion invested in the Venezuelan economy as of the start of 2019.

    $2.3 billion, more than half of the total, is in the form of loans to the Venezuelan state-owned oil company PDVSA, which have been issued since 2014 as prepayments for oil.

    PDVSA has received a total of roughly $6.5 billion from Rosneft, although two thirds of this debt has already been paid off. …

  • Kyiv: Ukraine has to continue buying Belarusian fuel made from Russian oil

    Kyiv purchases from Belarus fuel made from Russian oil, said Heorhiy Tuka, Deputy Minister for Temporarily Occupied Territories and Internally Displaced Persons, on the 112 Ukraine TV channel.

    “We have to buy from Belarus a large amount of fuel that is used by the entire country. Belarus, undoubtedly, produces it from Russian oil, but it is still profitable for us,” he said.

    According to Tuka, an alternative way for Ukraine implies buying fuel made from European oil, but he expressed doubts …

  • Kazakhstan raises the price for Russian oil transit to China

    Kazakhstan has increased the cost of oil transportation from Russian through Kazakhstan to China by a third, reported Tengrinews.kz with reference to the press service of the KazTransOil JSC.

    “By the order of the Minister of Energy of the Republic of Kazakhstan, Kazakhstan approved the cost of transportation of oil amounting to 10 million tons per year along the Russian border - the border of Kazakhstan (Priirtyshsk) – Atasu (Kazakhstan) - Alashankou (China) route. The transportation of one …

  • Russia joins in sanctions against Iran

    Rosneft has decided not to participate in the oil extraction projects in Iran that were announced last year, anticipating $30 billion in investments and the production of 55 million tons of oil per year.

    The strategic projects concerning a range of oil and gas deposits that were put on the road map and signed at the end of last year have now been put on the shelf due to US sanctions, Vedomosti reports, citing senior managers in the Russian state company.

    According to one of the managers, …