BP-TNK, Oil and Gas
LUKOIL is considering the possibility of selling up to 30% of its petrol stations in Russia due to a drop in the profitability of the business.
Rebranding can cost from 1.5 billion to 4 billion roubles.
Representatives of Glencore and the Qatar Investment Authority (QIA) were nominated to the board of Rosneft, the largest state oil company of the Russian Federation, the Vedomosti reports citing tw
Company is satisfied with its current status of a major minority shareholder of the state-owned company.
"We are satisfied with interests in "Rosneft" I think we'll keep it at the current level", - CEO BP Robert Dudley stated, commenting on the possibility of buying additional package. The company would neither increase nor reduce the share of "Rosneft", the representative of BP added. Available package (19.75%) corresponded to the strategic interests of BP to work in Russia, he stated, refusing to comment further.
In H2 2016 Russian authorities were going to have time to sell 19.5% of Rosneft, the largest state-owned oil company of Russia, and expected to receive about 650 billion roubles, Prime stated with reference to the statement of the RF Minister of Finance Anton Siluanov in an interview with the CNBC.
At present the capitalization of the largest oil companies of the country was 3.27 trillion roubles, so Anton Siluanov announced market price for the government stake.
Rosneft has been very close to the receiving of 60 billion rubles from the budget. The company is seeking the return of overpaid customs duties on oil on its asset Verkhnechonskneftegaz through court and the Energy Ministry hasn’t managed to convince the Supreme Court to suspend the decisions of previous courts that took the side of Rosneft. Now the company, if it applies for the receipt of money, will be able to get them for a month. But the Ministry of Energy still has a chance to convince the Supreme Court to review the case.
The Supreme Court refused the Ministry of Energy to suspend the decisions of the appellate and cassation courts in the dispute with Rosneft of overpaid customs duties on oil from the Verkhnechonskoye field in the Irkutsk region. The Ministry of Energy filed the relevant complaint on February 10. Now the Ministry is obliged to implement the decision of the courts and to issue Rosneft a certificate of confirmation of "special physical and chemical characteristics" of oil from this field. In turn, this will give Rosneft the right to claim a refund of the customs duties in the amount of 60 billion rubles.
The RF Ministry of Energy is in no hurry to recognize VChNG extraction.
At the request of the RF Ministry of Energy cassation court froze the execution of the decision the Court of Appeal, which supported the requirement of "Rosneft" on the recognition of backdating its eligibility on oil privileges at Verhnechonsk field. Now, before the completion of the lawsuit the company can not get the proper reference from the RF Ministry of Energy and begin the process of recovery of about 60 billion roubles of the overpaid export duty. Lawyers believe that the decision of the appeal court can tell us about the next turn of the case not in favor of "Rosneft".
The deal of Rosneft, the largest state-owned oil company of Russia, and China National Chemical Corporation ChemChina for the purchase of shares of "Eastern Petrochemical Company" (VNHK) may require prior approval of the law on foreign investment, the website of the agency informs referring to the statement of Armen Han, the head of the control of foreign investments FAS RF.
Last week Rosneft and ChemChina signed a memorandum of understanding on cooperation on the VNHK project. The memorandum concerns the proposed acquisition of a controlling stake in VNHK by ChemChina and identifies key stages of investment.
Late last week Rosneft, the largest state-owned oil company in Russia, and China National Chemical Corporation ChemChina signed Heads of Agreement on cooperation in the field of investments in the authorized capital of ChemChina Petrochemical Corporation and a memorandum of understanding on cooperation in the "Eastern Petrochemical Company" project, the Russian state company informs.
The company disclosed the debt repayment schedule.
By the end of the year "Rosneft", the total debt of which amounts to $ 54.3 billion, expects to return nearly $ 11 billion to creditors, and in 2016 - even more than $ 15 billion, instead of the previously planned $ 13.3 billion. Despite this, the company plans to increase capital investments by 30 % compared to 2014, although it admits that may reduce investment. Experts believe that the implementation of plans for the next year will require the oil company to maintain free cash flow and restructure around half of the amount of duty payable.