Yukos, Oil and Gas

The rules of the game with oil assets by Olga Mordyushenko

The rules of the game with oil assets by Olga Mordyushenko
Major oil and gas companies sales are performed with no surprises very rarely in Russia. Traditionally, the journalists and the experts discuss possible contenders evaluating their chances. However the lot is often sold to an unexpected applicant.

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Gazprom warned investors of possible claims from shareholders of YUKOS

​Gazprom admits it can be involved into the hearings on the collection of compensation to the former shareholders of YUKOS.
The latest decisions of the Court made not in favor of Russia by the claims of Hulley Enterprises Limited (Cyprus), Yukos Universal Limited (Man) and Veteran Petroleum Limited (Cyprus) might lead to the risks of potential Court hearings, obligatory enforcement proceeding, the company warned potential investors.
Gazprom says the decision of the Arbitration Court was not made in favor of Russia but Gazprom is not involved into the Arbitration process.
The energy company considers any potential claim against it connected with this investigation to be groundless, Interfax reports.

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"Summa" is not promised oil.

Terminal in Rotterdam does not fit into the standard.
Prospects for the load of the oil terminal, which the «Summa» group is building in the port of Rotterdam, are still questionable. As "the Kommersant" predicted oil companies were not willing to guarantee its load and were not sure whether to make the terminal part of the project to establish the standard of Russian oil grade Urals. The RF Ministry of Energy believes that the transshipment of oil must be conducted in Russian ports, and experts state that it is more profitable for the oil industry to work with its own traders.

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Rules of the game

Yuriy Barsukov, business department observer, describes the rules of the game against all in the international energy society.
Last week there was a very symbolic event for the current energy relations between Russia and the European Union. The International Energy Charter was published in The Hague - an updated version of the Energy Charter of 1991 - a political declaration, which does not imply legal obligations, but contains the basic principles of interaction between producers and consumers of energy. 

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Rosneft announced of settling all disputes with Yukos

​Rosneft and a number of its affiliates have signed agreement on the settlement of disputes with the companies of Yukos group and controlling them physical bodies, Rosneft reports.
In conformity with the conditions of the agreements the parties reject all the mutual claims and terminate all the existing court proceedings and other disputes as well as undertake not to make any claims against each other in future referring the bankruptcy and liquidation of Yukos. The agreement doesn’t presuppose any monetary or other payments from Rosneft or its affiliates.
On March 31st the parties completed the deal and signed all the necessary documents on the cancellation of all the court proceedings in the Netherlands, UK, Russia,, USA and other jurisdictions.

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District Court of Amsterdam has postponed rendering of decision on claim of Yukos Int. against Rosneft for $333 million

District Court of Amsterdam has postponed rendering of decision on claim of Yukos Int. against Rosneft for $333 million. The new date for rendering of decision is not determined as yet but it will be decided next week. No session of the court is planned; the decision will be sent to the side by the internet.
While the trial, Yukos International claimed against the harm caused by Court of Amsterdam that rendered the decision about freezing of the assets. In the opinion of the claimant, it limited its ability to invest the fund under its will.

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Igor Sechin denies the interest of "Rosneft" in "Bashneft".

OJSC "Rosneft" will never consider buying shares in OJSC "Bashneft" because of the "skeletons in the closet" and the risks of privatization of the asset, Igor Sechin told Bloomberg. In mid-September Mikhail Khodorkovskiy, the former head of Yukos, has suggested that "Rosneft" is aimed at the acquisition of "Bashneft", which Vladimir Yevtushenkov, the principal owner of AFK "Sistema" accused of money laundering, refused to give under the conditions offered to him. "It's a myth", - Sechin stated in an interview. "The market was aware of the "skeletons in the closet" for a long time. That is why we have never considered the possibility of buying the asset. But Vladimir Petrovich Yevtushenkov is a very wise man, an experienced businessman.

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BP has a risk with Rosneft: sanctions against Russian company may have an impact on business of the British one

The largest private shareholder of Rosneft - British BP - fears for the impact on its business of the U.S. sanctions against Russia and the oil company. Today it has no problems, although one of its assets - the Ruhr Oel refinery in Germany, which it owns on a parity basis with Rosneft – fell under the sanctions. At the same time the British company doesn’t believe that it will face problems due to decision of the arbitration court which acknowledged the expropriation of Yukos in the interests of Rosneft and the state. Analysts believe that any possible actions on the arrest of assets won’t concern the BP’s shares.
The British BP, which owns 19.75% of Rosneft’s shares, thinks that the sanctions against Russian companies and the Russian Federation may affect its business too. "If further international sanctions are imposed on Rosneft or Russia, it could have a significantly adverse effect on our relationship, our business and our strategic objectives in Russia, on our financial condition and the results of operations," – BP’s report for the second quarter says. The Ruhr Oel refinery in Germany, in which BP and Rosneft have 50% each, have already fallen within the scope of the sanctions. But BP assures that "they won’t have a strong impact".

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Yukos Capital has won $186 million from Rosneft in New York court

New York Circuit Court made a decision on October 2nd that Rosneft’s subsidiary Samaraneftegaz should pay $185.9 million to the Luxembourgian Yukos Capital controlled by the former managers of Yukos, Interfax reports referring to Yukos Capital. The company tries to gain back the funds of $80.5 million granted as a credit to Samaraneftegaz in 2004. In August 2007, the International Arbitration Court under the International Trade Chamber brought the verdict to pay off in favor of Yukos Capital the full sum of the loans, interests at a rate of $435,000 spent to legal action in the International Arbitration Court, and the court expenses of $284,400. Yukos Capital tried to get such verdict in the Russian courts but they decided that the credit contract was illegal.

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New Enhancements to Rusmininfo,full story selector available in Russian

Rusmininfo is pleased to announce some further enhancements to the news service.This week we have launched a full story selection system in Russian so now every user can select the news they want to receive according to their exact parameters in both Russian and English for full e-mail alerts.
To set up your new selections please log in and click on 'My News Alerts' then use the drop down menu and click on the companies,countries and sectors you want to receive news on.
If you have mislaid your log in details please e-mail [email protected]
Best Regards
Rhod Mackenzie
Managing Director

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