Russia Oil and Gas

Rosneft continues to look for partner for Taas-Yuryakh poject

Rosneft continues to look for a partner for the Taas-Yuryakh project, the deputy chief accountant of Rosneft, Artemy Sukhenko stated during the conference call.
"The company continues to search for a strategic partner" for the asset, he said.
According to Sukhenko, when a partner is found, specific conditions will be worked over with it. At the same time he added that the company could not to show in this asset in line for sale any more.
As it was previously reported, in the report for the second quarter of 2014, Rosneft revised its plans for the sale of Taas-Yuryakh Neftegazodobycha.

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In 2013, Tuapse refinery increased its net profit under RAS 7 times

In 2013, Tuapse refinery increased its net profit under RAS 7 times as compared with 2012 to 6.115 billion rubles.

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Irkutsk Oil Company is going to build LNG plant by 2017

The Irkutsk Oil Company is going to build an LNG plant with annual capacity of 84,000 tons by 2017, the CEO of Irkutsk Oil Company M. Sedykh says at the visiting session of the interdepartmental commission for protection of the Baikal.
The plant will be launched at the site in the city of Ust-Kut in Q4 2017. Th plan is to supply LNG to the East Siberian regions, Zabaikalye, in particular. The Irkutsk region has closed the agreement for development of the sector with the latter. Mrs. Sedykh says that 26,000 tons of 84,000 tons of fuel will be supplied via the water transport of the Lena and the Angara-Baikal basins.

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In H1, Naftogaz Ukraine lost 51.6 billion grivnas

In H1, Naftogaz Ukraine lost 51.6 billion grivnas, by 37.1% more than within the corresponding period of the previous year. Revenue increased by 2.2% to 35.08 billion grivnas.
Naftogaz sold 15.815 billion cubic m of gas for 30.4 billion grivnas. The holding raised over 9 billion grivnas for gas transit service. From the end of 2015, the Ukraine will cease Russian gas transit via its territory that will lead to one more reduction in revenue and the company’s income. The Ukrainian GTS will turn to ‘a heap of scrap’, as the ex-Premier of the Ukraine, A. Yatsenyuk said. However the new Ukrainian authorities are not eager to seek an agreement with Gazprom.

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Anti-Russia sanctions to weaken Europe

Last week many Western economists were opposite the introduction of sanctions by the EU in respect of Russia. According to them, the break up of trade relations with Russia will lead to significant losses of European companies, a serious fall in the EU economy and rise of its dependence on the USA and China.
In late July 2014 a number of Western analysts said the introduction of strict sanctions against Russia from the EU will have a negative impact on the European economy. According to the British newspaper «Guardian»,  Raiffeisen (Austria) that has an affiliate in Russia (in the top-20 Russian banks, as of July 1st – 13th by the assets and 11th by the volume of credit portfolio) and Sociеte Generale (France) that controls Rosbank OJSC (also in top-20, 12th by the assets and 13th by credit portfolio) are among the EU banks that are in the most risky situation. However, other financial organizations from Europe might suffer serious losses in the case if sanctions are applied as by the beginning of Q2 the total volume of issued by them loans in Russia made up about $155 bln. According to other assessments, the European banks might lose up to $187 bln due to the sanctions.

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In the H1 "LUKOIL" increases the net profit by 30%.

In the H1 2014 the net profit of "Lukoil" grew by 30% compared with the H1 of 2013 and amounted to more than 203 billion roubles, while in 2013 it amounted to 156.4 billion roubles.
The sales of "Lukoil" in the H1 also rose by 21% and amounted to 220 billion roubles, compared with the same period in 2013, when the sales totaled 182 billion roubles.

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“Gazprom burenie” to lose a contract with Halliburton due to sanctions

On May 18th “Gazprom burenie” received a letter from the Moscow office of Halliburton. The American company notified of the shutdown of cooperation with the Russian company. It was the first case when due to the sanctions where Russian oil and service companies have been limited in access to foreign technologies. If the EU introduces technical sanctions in respect of Russia this week, within 3 years the oil production will fall at least by 26 mln tons a year (5% of the annual production). Without foreign partners it is difficult to grow the pay back of complicated deposits and the work at the shelf is also impossible, RBC writes.
American connections

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Shell decides not to develop two oil sites in Russia

The Federal Agency for Subsoil Use (Rosnedra) has early terminated right to use subsoil, granted to Shell’s subsidiaries within 2 hydrocarbon sites.
According to Rosnedra, on June 3rd, Shell Neftegaz Development applied to the Agency with official statement notifying its rejection of the right to use subsoil of the Barun-Yustinsky area located in Kalmykia. Shell Neftegaz Development applied to the Rosnedra’s office in the Yamal-Nenets autonomous district, where the Arkatoysky site is located, with the statement on June, 5th.

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Rosneft is going to rebrand BP-TNK’s filling stations

Rosneft intends to rebrand BP-TNK’s filling stations, bringing them under its logo, Rosneft’s director of planning and performance management, development and investment in processing and logistics A.Krastilevsky reported during the conference call on July 25, 2014.
In general, the network of Rosneft’s filling stations counts over 2.4 thousand stations, 1.65 thousand stations of which operate under the brand of Rosneft, 660 – under the brand of TNK and 121 - under the brand BP.
Earlier, Rosneft didn’t plan to rebrand the filling stations.

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Sechin asks Government to reduce taxes for oil and gas companies

The President of Rosneft Igor Sechin has suggested the Government to reduce the burden on the oil and gas industry to 45% or more than by 10 percentage points. This information is contained in the Sechin’s letter to the First Deputy Prime Minister, Igor Shuvalov.
In the case of a reduction in the burden on the oil and gas sector, the budget revenues will be able to be increased due to the multiplier effect. He explained that in the case of the reducing the tax burden companies will invest more in business development, will increase the production and will make significant contributions to the treasury.

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