Russia - 03

Russia: Sechin on the Witness Stand: Ulyukayev Trial Revelations

The trial of former Minister of Economy Aleksei Ulyukayev that started in Moscow last week has revealed several illuminating details regarding Igor Sechin’s role in the case, with notable implications for the political resources at his disposal.
Ulyukayev was arrested last November when he was leaving Rosneft’s headquarters: prosecutors allege that he had $2mn in

Russia - 05

Russia: Opening the Black Box: Government Seeks Access to Rosneftegaz Accounts

The government has renewed efforts to access the accounts of Rosneftegaz, the state-owned company that holds government stakes in Gazprom, Rosneft and Inter RAO. Earlier this month, head of the government’s economy and finance department Vladimir Sidorenko issued a letter requesting that Rosneftegaz’s financial information is made available to the government.

Russia - 01

Russia: Dividend Squeeze: State-Owned Companies Defund the Government

At a press briefing during his visit to China on 15 May, Putin addressed the issue of dividend payments by state-owned firms. Last year, the government set these dividends at the rate of at least 50% of the firms’ net incomes. They can be calculated in accordance with the International Accounting Standards (IAS) or Russian

Russia - 06

Russia: Government Likely to Reject Rosneft’s Midstream Fiscal Breaks Request

In the first test case following President Putin’s order to Sechin to stop challenging the government with demands for benefits, the cabinet will likely reject Rosneft’s request for fiscal breaks for its refineries. Sechin made the request last year, and in February, Rosneft First Vice President Pavel Fedorov suggested that the company would freeze the

Russia - 03

Russia: Putin Restrains Sechin’s Ambitions

For the first time in the last few years, President Vladimir Putin has ordered Rosneft CEO Igor Sechin to restrain his ambitions. Putin’s order specifically concerned the latest standoff between Sechin and Transneft President Nikolai Tokarev, but its implications are far wider. Sechin was ordered to dismantle the security team at Rosneft and stop flooding

Russia - 01

Russia: NNK: Is the Curtain Closing on Khudainatov’s Venture?

In early March VTB Bank President Andrei Kostin acknowledged the bank’s potential interest in acquiring a stake in NNK, an oil company established by Rosneft’s former President Eduard Khudainatov in 2013. Kostin’s statement is the first official acknowledgement of the impending sale, which has become increasingly unavoidable in the last year as NNK struggled to

Libya - 05

Libya: Rosneft’s Deal with the NOC

On 21 February Rosneft and the Tripoli-based NOC signed a “cooperation framework agreement.” The preliminary agreement was signed in London by NOC chairman Mustafa Sanalla and Rosneft CEO Igor Sechin on the sidelines of the International Petroleum Week conference and publicly announced the following day.

Russia - 04

Russia: A Firm No: Gazprom Rejects Rosneft’s Far East Gas Request

Earlier this month, Gazprom Deputy CEO Valeriy Golubev rejected Rosneft’s request to have up to 2.5 bcma of gas delivered to the company’s proposed Eastern Petrochemical Complex, known as the VNKKh. The project, which is set up as a partnership between Rosneft and China National Chemical Corporation (ChemChina), has been one of Rosneft CEO Igor

Russia - 06

Russia: Sechin Renews Attacks on Gazprom and Transneft

Rosneft CEO Igor Sechin has started the new year in the same combative style that defined his conduct in 2016. In the last few weeks, Rosneft challenged two major state-controlled oil and gas firms, Gazprom and Transneft. In the first case, Sechin has formally requested President Vladimir Putin’s permission to export pipeline gas; in the