Contents tagged with Rosneft

  • Russia's oil conglomerate Rosneft increases advance payment to Kurdistan to $2.1 billion

    In 2017 Rosneft issued the Kurdistan government an advance of $2.1 billion (122 billion rubles at the official exchange rate at the time) as part of a contract to buy oil, the company stated in an annual report according to IFRS standards.

    This is 60% more than was previously thought: in November 2017 Rosneft reported that it had given Kurdistan an advance of $1.3 billion for supplying oil.

    In February 2017, Rosneft announced that it had signed a contract with Kurdistan’s government to buy …

  • Italian Eni suspends project with Russian oil conglomerate Rosneft due to US sanctions

    The Italian company Eni has suspended its joint drilling with Rosneft in the Black Sea due to the threat of new US sanctions, and is awaiting clarification from the US. A statement to this effect was made by Chairwoman of the Board Emma Marcegaglia at a session of the World Economic Forum in Davos.

    “We began drilling in the Black Sea with Rosneft. You know, new sanctions are expected from the US. Of course, before beginning the project, we investigated carefully and, of course, asked for US …

  • Ukraine prepares multimillion dollar lawsuit against Russia’s oil conglomerate Rosneft

    The Ministry of Justice of Ukraine intends to seek from the Russian owners of Lysychansk Oil Refinery almost 1 billion hryvnia ($36.9 million) in compensation as part of the lawsuit by Agrocomplex, which Ukraine lost in the European Court of Human Rights (ECHR), as announced by the head of the department, Pavlo Petrenko, in an interview with Interfax-Ukraine.

    "Next week, in the Ukrainian, court there will be a major lawsuit brought by Ukraine against the Russian –owned company to recover …

  • Washington introduces new restrictions on companies dealing with Russian oil industry

    The US Department of Treasury updated Directive No. 4, originally introduced in 2014, as part of the sanctions against Russia due to the conflict in Ukraine. Restrictions against Russian oil companies have been extended to future projects on developing recoverable oil outside Russia.

    The new sanctions law (CAATSA -Countering America’s Adversaries Through Sanctions Act), signed by US President Donald Trump on August 2nd, required the amendment of this directive. The amendments had to be made by …

  • Russian oil company Rosneft freezes oil production in the Black Sea due to sanctions

    Russian oil and Gas Company Rosneft has suspended oil exploration and production in the southern corner of the eastern part of the Black Sea due to five-year sanctions against Russia, reports TASS.

    The Russian Federal Agency for Subsoil Use (Rosnedra) granted Rosneft's petition for a suspension of its license for geological exploration, exploration and production of hydrocarbons at the South Black Sea license area located in the eastern part of the Black Sea.

    “According to experts, amid the …

  • India walks away from buying two oil deposits from Russia’s oil giant Rosneft

    India refused Rosneft's offer to buy five additional oilfields in the Vankor cluster (Krasnoyarsk Krai, Russia), reported Indian newspaper The Economic Times citing sources familiar with the negotiations.

    "We do not want to put all of our eggs in one basket. Russia can continue to offer oil deposits, but we cannot accept all proposals," the source said. "We have invested enough in Russia, so, there is no need to close this deal urgently. There are other attractive opportunities for investment …

  • Russia nominates Ex-Chancellor of Germany to Rosneft Board of Directors

    The Russian Federation has nominated former German Chancellor Gerhard Schröder to join the Board of Directors of the Russian energy giant, Rosneft, reported DW.

    "The government of the Russian Federation nominated Gerhard Schröder as the new independent director of Rosneft. He currently heads the Shareholders Committee of Nord Stream AG," the statement said.

    According to the publication, Gerhard Schröder was named one among seven candidates for the position. Shareholder voting for candidates …

  • Russia’s oil giant Rosneft provides $6 billion loan to Venezuela

    Rosneft's advance payments under contracts with the Venezuelan state-owned oil company PDVSA is approximately $6 billion in total; full repayment is expected before the end of 2019, as stated during a conference call on August 8th by Alexander Krastilevsky, Vice President and Advisor to the President of Rosneft and Director of the Department for Planning, Performance Management, Development, and Investments in Refining, Commerce, and Logistics. He specified that $5.7 billion is the principal …

  • Russian oil conglomerates help Venezuelan President Maduro to stay in power

    Moscow continues pouring money into the treasury of Venezuela, whose economy plunged into a chaos caused by currency shortages, lack of essential goods and protests, during which more than 120 people were killed.

    In the second quarter, Venezuela received another $1 billion from Russia’s Rosneft, as  reported by Finanz news web site with reference to Raiffeisenbank's semi-annual IFRS report.

    The money was transferred to the accounts of PDVSA, a Venezuelan oil company that consolidates the last …

  • US authorities fine ExxonMobil for deal with Russian Rosneft

    A notice regarding a fine for ExxonMobil was placed on the US Ministry of Finance’s website. The notice points out that company and its subsidiary organizations (ExxonMobil Development Co. and ExxonMobil Oil Corp.) violated §589.201 of the sanction legislation introduced in connection with the events in Ukraine. This paragraph imposes a ban on deals with entities on the sanction list.

    The violation with the company’s involvement took place in the period between the 14th and the 23rd of May 2014 …