Key Developments: NK Rosneft' OAO (ROSNq.L)

ROSNq.L on London Stock Exchange

5.27USD
21 Nov 2014
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Latest Key Developments (Source: Significant Developments)

Court rules to recover 192 million rubles in favor of NK Rosneft' OAO subsidiary-Interfax
Thursday, 30 Oct 2014 

NK Rosneft' OAO:The Arbitration Court of Krasnodar Kray has ruled to recover 191.6 million Russian ruble penalty from DSMU-Gazstroy OOO in favor of NK Rosneft' OAO's subsidiary, RN-Krasnodarneftegaz OOO-Interfax.As per the court's materials, on Aug. 17, 2011 the parties signed contract for provision of works at the pipeline Tikhoretsk-Tuapse, reconstruction of PNB Tikhoretskaya, and technical re-equipment and reconstruction of pipeline Lisichansk-Tikhoretsk 1,2 at the section Rodionovskaya-Tikhoretsk.The price of the contract was 5.422 billion Russian rubles.Pursuant to the agreement, the works were supposed to be completed by Oct. 10, 2013.Due to delay, Krasnodarneftegaz urged the contractor to complete the works and notified that penalties had been applied.The penalty was calculated at 0.1 percent of the contract price for each day of delay, but not more than 10 percent of its total value.  Full Article

NK Rosneft' OAO aims to boost consolidated revenue, EBITDA for FY 2014-Interfax
Thursday, 23 Oct 2014 

NK Rosneft' OAO:Rosneft intends to boost consolidated sales revenue and earnings before taxes, depreciation and amortization (EBITDA) in 2014, Rosneft chief, Igor Sechin, said at the III Eurasian Forum for Innovation and Internationalization in Verona-Interfax.Rosneft's consolidated sales revenue and EBITDA were $144 billion and $30 billion, respectively in 2013 and this year the company expects to exceed those figures considerably, Sechin said.FY 2014 revenue of $151,426 million, EBITDA of $31,596 million - Thomson Reuters I/B/E/S.  Full Article

Energy Ministry approves NK Rosneft' OAO application for NWF funds-Interfax
Wednesday, 22 Oct 2014 

NK Rosneft' OAO:The Russian Energy Ministry has approved Rosneft's request for funds from the National Welfare Fund (NWF) and has sent the document to the Economic Development Ministry, Deputy Energy Minister Kirill Molodtsov told journalists on the sidelines of the National Oil and Gas Forum-Interfax.He did not say how much the request was for, noting only that the application included funds for Far East Petrochemical Company construction, and also for the company's overall investment program.Molodtsov said that the allocation of NWF funds to Rosneft in tranches makes sense.Russian Energy Minister Alexander Novak told journalists at a press conference held as part of the National Oil and Gas Forum that the proposal of the Energy Ministry was sent to the Economic Development Ministry.  Full Article

Moody's downgrades NK Rosneft' OAO ratings
Tuesday, 21 Oct 2014 

NK Rosneft' OAO:Moody's Investors Service has downgraded to Baa2 the ratings of Rosneft and its subsidiary Rosneft International Holdings Limited (RIHL), as well as the ratings of their debt-issuing subsidiaries to Baa2 from Baa1.The outlook on all ratings is negative.These actions follow the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government bond rating to Baa2 from Baa1 on Oct. 17.The downgrade reflects Moody's view that the company shows a weaker standalone financial profile than other Russian peer companies, as reflected in its standalone baseline credit assessment of ba1, with a large-scale investment programme and significant refinancing needs over the next 6 months.As a result, it may require financial support from the sovereign, warranting a closer link between the company's and the sovereign's ratings.Moody's also notes that Rosneft was included in the US and EU sectoral sanctions lists.This development effectively undermines the company's access to external financing, at least in the western financial and capital markets, as well as its ability to continue cooperating with western partners on complex development projects.The negative outlook on the ratings reflects Moody's view that both companies' ratings are sensitive to and could be affected by changes in sovereign creditworthiness.  Full Article

FAS approves NK Rosneft' OAO to boost stake in NOC by 20 percent-Interfax
Monday, 20 Oct 2014 

NK Rosneft' OAO:Russia's Federal Anti-Monopoly Service (FAS) has approved a request from Rosneft to increase stake in National Oil Consortium (NOC) by 20 percent, the regulator said in a statement-Interfax.After the deal, Rosneft will own 80 percent of NOC, which operates at Venezuela's Junin 6 block.News sources have previously reported that Lukoil agreed on selling Rosneft 20 percent of NOC.Reportedly, Lukoil intended to sell the stake for $150 million.NOC owns 40 percent of joint venture Petromiranda, the other 60 percent of which is owned by Venezuela's state oil company PDVSA.Petromiranda is developing the Junin 6 block in the Orinoco River oil belt in Venezuela.The Junin 6 block has geological reserves of 52.6 billion barrels of oil.The overall cost of the project is estimated at nearly $25 billion.Peak production at Junin 6 is expected to be 450,000 barrels per day, or about 22.5 million tonnes per year.NOC was previously owned by five Russian oil companies, each with 20 percent stakes: Rosneft, Lukoil, TNK-BP, Gazprom Neft and Surgutneftegas.At the beginning of 2013, Surgutneftegas sold its stake to Rosneft for 6 billion rubles, and later Rosneft bought TNK-BP, increasing its stake in NOC to 60 percent.It was also reported that Gazprom Neft was not planning to dispose of its stake in NOC since it believed Venezuela was a prospective region.  Full Article

NK Rosneft' OAO, Pirelli & C SpA sign memorandum of understanding for engagement of partner in production of synthetic rubber
Friday, 17 Oct 2014 

NK Rosneft' OAO:Says that Rosneft and Pirelli & C SpA signed a memorandum of understanding in the area of R&D, producing and shipping of synthetic rubber in the city of Nakhodka in the framework of the FEPCO (Far East Petrochemical Company) petrochemical cluster.Within the signed memorandum, Rosneft and Pirelli specified the requirements for the engagement of a third party acting as a technological and production partner.Moreover Rosneft and Pirelli claim their intentions of using FEPCO petrochemical cluster, which is situated in Nakhodka, for synthetic rubber production for the purpose, among other things, of supplies to Pirelli’s own tire production facilities in South-Pacific region.Above all, Rosneft and Pirelli show intention to develop research, design and experimental projects in this area in Nakhodka.Styrene butadiene rubber, which is supposed to be produced there, is an environmentally-friendly material, which is used in production of so called “green tires”.  Full Article

FAS clears NK Rosneft' OAO to purchase blocking stake in Sakhalin power sector company-Interfax
Thursday, 16 Oct 2014 

NK Rosneft' OAO:The Federal Anti-Monopoly Service (FAS) has cleared Rosneft to acquire 25 percent plus one share in OJSC Sakhalinskaya Energeticheskaya Kompaniya (Yuzhno-Sakhalinsk), the FAS said on its website-Interfax.The board of directors earlier approved Rosneft taking a stake in Sakhalinskaya Energeticheskaya Kompaniya, which was formed to carry out investment projects on Sakhalin.The Sakhalin region property ministry owned 45.91 percent of Sakhalinskaya Energeticheskaya Kompaniya shares as of the end of March, according to the SPARK-Interfax database.RusHydro had 31.49 percent, RusHydro subsidiary RAO Energy System of East had 8.9 percent and the state had 13.63 percent.Rosneft plans to acquire a stake in the company by buying up supplementary shares, a source familiar with the situation told Interfax.Rosneft had previously planned to invest in construction of the Yuzhno-Sakhalinsk-1 block, the source said without specifying the mechanism for doing so.The main investment in the project came from the state.Rosneft has not commented on the information.Sakhalinskaya Energeticheskaya Kompaniya is currently conducting a private placement of 1,349,900 supplementary shares.Charter capital is split into 11,138,689 shares, each with par value 1,000 Russian rubles.  Full Article

NK Rosneft' OAO begins drilling at Yuzhno-Uzunsky section in Khanty-Mansii-Interfax
Wednesday, 15 Oct 2014 

NK Rosneft' OAO:Rosneft production subsidiary OJSC Nizhnevartovskoe Neftegazodobyvayuschee Predpriyatie, has begun commercial drilling at the Yuzhno-Uzunsky license section in Khanty-Mansii autonomous district, Rosneft said on its website-Interfax.The two wells drilled so far are each yielding an average of 50 tonnes per day.A total of 18 wells are to be drilled at Yuzhno-Uzunsky: 12 production, five injection and one exploration well. Recovering reserves at Yuzhno-Uzunsky exceed 1.5 million tonnes of oil.Nizhnevartovskoe Neftegazodobyvayuschee is developing six fields, all in Khanty-Mansii autonomous district: Permyakovskoye, Khokhryakovskoye, Koshilskoye, Kolik-Yeganskoye, Malosiktorskoye and Vostochno-Kolikeganskoye.  Full Article

NK Rosneft' OAO strengthens strategic cooperation with CNPC
Monday, 13 Oct 2014 

NK Rosneft' OAO:Says that Rosneft and Chinese National Petroleum Corporation (CNPC) signed an agreement for the extensions of strategic cooperation.The agreement envisages elaboration of current and potential strategic cooperation areas.The document also foresees the fueling of a deeper collaboration in these areas.In particular, the parties intend to proceed with Upstream projects in the Russia, refinining in China (Tianjin Refinery) and other venues of cooperation.In March 2016, the parties are expected to make an investment decision regarding the Tianjin Refinery construction which may be completed by the end of 2019.The parties intend to apply joint efforts with the scope of further expansion of strategic cooperation, including in the areas of the development of liquefied natural gas projects which embraces potential Russian LNG supplies to China.  Full Article

NK Rosneft' OAO's subsidiary receives permission from FAS to acquire 51pct of Taymyrgaz OAO's stake-Interfax
Tuesday, 7 Oct 2014 

NK Rosneft' OAO:The Federal Antimonopoly Service (FAS) has cleared NK Rosneft' OAO's subsidiary (Val Shatskogo OOO) to buy 51pct of Taymyrgaz OAO's stake-Interfax.Due to data base of SPARK-Interfax, NK Rosneft' OAO owns 85.9pct of Val Shatskogo OOO, the rest owns Nefte Aktiv OOO, which is part of NK Rosneft' OAO.  Full Article

UPDATE 1-Russia has no plan to cut oil output - energy minister

MOSCOW, Nov 22 - Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, Rossiya 24 television quoted Energy Minister Alexander Novak as saying on Saturday.

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