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

ROSNq.L on London Stock Exchange

19 Dec 2014
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Latest Key Developments (Source: Significant Developments)

NK Rosneft' OAO to raise 800 bln roubles in domestic rouble bonds-Reuters
Wednesday, 10 Dec 2014 

NK Rosneft' OAO:Decides to place 12 exchange-traded bonds issues, with total volume of 800 billion roubles and maturity term of six years of each issue-Reuters.This is a record amount of ruble bonds program of the same issuer: last year Sberbank approved bonds program at 500 billion roubles, STB - 250 billion roubles, and Gazprom several years earlier - at 300 billion roubles.Board of Directors approved bond issue series BO-24-BO-26- for 25 billion roubles, bond series BO-19-BO-23 for 50 billion rubles each, and bond series BO-15 for 175 billion roubles.Possible underwriters - VTB Kapital, VBRR, and Bank FK Otkrytie.  Full Article

NK Rosneft' OAO begins construction of Suzun-Vankor oil pipeline-Interfax
Tuesday, 9 Dec 2014 

NK Rosneft' OAO:Rosneft production subsidiary Vankorneft has begun building a 101-kilometer oil pipeline linking the Suzun and Vankor fields, Rosneft said in a press release-Interfax.Work in the 2014-2015 winter period will involve pile driving for pipeline supports and laying, installation and welding of the linear section.Launch of the pipeline will be synchronized with other elements of the first line at Suzun, including production and injection wells, an oil treatment unit with capacity for 5.2 million tons a year.The Vankor cluster consists of 23 license territories in Krasnoyarsk territory and Yamalo-Nenets autonomous district.The Suzun field contains over 56 million tons of oil and 35.3 billion cubic meters of gas, according to geological data as of Jan. 1.  Full Article

FAS opens case against Gazprom OAO for not granting info on NK Rosneft' OAO access to Sakhalin pipe-Interfax
Tuesday, 2 Dec 2014 

Gazprom OAO:Russian Federal Antimonopoly Service (FAS) has opened a case against Gazprom OAO for not providing information as part of another regarding NK Rosneft' OAO access to the Sakhalin pipeline, the FAS said in a statement-Interfax.The case was opened under Part 1 of Article 25 of the Law on Safeguarding Competition, where this concerns failure to present the FAS with paperwork.The FAS intends to conduct an administrative inquiry.Gazprom has three days from receipt of the determination to provide the FAS with the necessary documents.A legal representative of Gazprom must give an explanation of the violation on Dec. 9 and to sign the relevant protocol.Failure to appear on by the deadline would constitute a refusal to sign the protocol.  Full Article

NK Rosneft' OAO acquires 16.67 pct share in PCK Raffinerie GmbH
Friday, 28 Nov 2014 

NK Rosneft' OAO:Says that Total and Rosneft signed a term sheet that envisages the main terms and conditions of the purchase of 16.67 pct share in a refinery located in Schwedt, Germany (PCK Raffinerie GmbH).Says that Total and Rosneft are further agreeing on an off-take agreement to supply Total's retail and wholesale customers securing stable supply to the premium Berlin and surrounding areas, markets and customers supplied by pipeline from the refinery.  Full Article

FAS brings action against ANK Bashneft' OAO, NK Rosneft' OAO, NK Lukoil OAO for manipulation on oil exchange-Interfax
Wednesday, 5 Nov 2014 

ANK Bashneft' OAO:Russia's Federal Anti-Monopoly Service (FAS) has brought action against Bashneft, Rosneft, Lukoil and LLC Lukoil-Rezervnefteprodukt on grounds of manipulation on the oil product exchange, FAS said in a statement on its website-Interfax.More specifically, this concerns part 4 of article 11 on protecting competition, the FAS said.The FAS established during analysis of oil product market monitoring that in the Jan.-Sept. period in wholesale trading off the exchange, prices for Ai-92 and Ai-95 gasoline rose about 20 pct.The price increase in the same segment on the exchange over the same period was an increase of 34 pct for Ai-92 and 35 pct for Ai-95.  Full Article

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

Russia's Rosneft says 2014 reserve growth higher than expected

MOSCOW, Dec 19 - Russia's largest oil producer Rosneft said on Friday its 2014 reserves growth exceeded forecasts and was expected at more than 450 million of oil equivalent.

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