Rosneft CEO to Testify at Ex-minister's Trial
The head of Russia's Rosneft , Igor Sechin, will attend the trial of former economy minister Alexei Ulyukayev as soon as his schedule allows, TASS news agency quoted Sechin as saying on Thursday. Ulyukayev is on trial on charges of extorting a $2 million bribe from Sechin, in exchange for Ulyukayev approving a business deal. Sechin was called to court to testify but has missed the first two court sittings since then. "My key task is to fulfill my responsibilities as the president of Rosneft. Therefore, as soon as we can agree on the schedule, I will of course deliver on all the requirements," Sechin said.
Russian Court Told That Oil Boss Gave Minister $2 Mln in a Bag
A Russian court was told on Tuesday that a close ally of President Vladimir Putin personally handed the country's then economy minister $2 million in cash inside a lockable brown bag as part of an elaborate bribery sting. Former Economy Minister Alexei Ulyukayev is on trial on charges of extorting the $2 million bribe from Igor Sechin, the head of state-owned oil company Rosneft, in exchange for Ulyukayev approving a business deal. In the courtroom, a state prosecutor read out the transcript of a secret recording of a late-night meeting between Sechin and Ulyukayev on Nov.
Russia Wants $11 bln for Rosneft Stake
Russia aiming to sell 19.5 pct stake this year; will retain 50 percent plus one share in Rosneft. Russia hopes to fetch more than $11 billion for a minority stake in the Kremlin's flagship oil producer Rosneft before the end of the year to plug budget holes caused by low crude prices, an industry source told Reuters on Friday. The sale will be complicated by sanctions imposed on Moscow over its actions in Ukraine and by many investors' wariness of putting money into Russia as well as volatile commodity markets. But Russia is…
Russia May Sell Part of Rosneft
Russia may apply a "combined" method to the privatisation of more than 19 percent in its top oil producer Rosneft by selling stakes both to strategic investors and on the stock market, Economy Minister Alexei Ulyukayev told reporters on Wednesday. (Reporting by Andrei Makhovsky; writing by Vladimir Soldatkin; editing by Dmitry Solovyov)
French Banks Eye Yamal LNG Project
French banks may participate in lending for the Russia's Yamal liquefied natural gas (LNG) project, a relevant agreement may be signed in 2016, Tass reported quoting Russia's Economic Development Minister Alexei Ulyukayev. "As for French banks - we have made very serious progress there, we are very optimistic about it. I do hope [that the agreement on lending will be signed this year]," the minister said. Earlier this year, Russia’s largest independent gas producer Novatek confirmed the volume of capital expenditures for Yamal LNG project in the amount of $27 bln.
Russia Seeking Strategic Investor to Buy Rosneft Stake
President Vladimir Putin said on Thursday the Russian government was searching for a strategic investor to buy a 19 percent stake in global top oil producer Rosneft as part of a privatisation plan. "We will be searching for a strategic partner who understands and knows that one should not be greedy while buying, let's say, 19 percent of shares in Rosneft," Putin told reporters after his annual televised phone-in. "That (partner) should not pay attention to the current share price but should look into the future," he added. "If we find such a partner ...
Russian Minister Proposes Withdrawing Stake in Bashneft
Russia's economy ministry is proposing cutting the state's stake in mid-sized oil company Bashneft to zero as part of a privatisation process, Economy Minister Alexei Ulyukayev told reporters on Tuesday. He added that the economy ministry was choosing between offering 18.9 percent and 10.9 percent stakes in diamond miner Alrosa, and that a sale via the Moscow stock exchange was possible, though other options were not excluded. The state owns 43.9 percent of Alrosa via the state property agency and a further 33 percent via the Republic of Sakha.
Russian Oil Tax Hike Rejected
Russian Prime Minister Dmitry Medvedev has rejected calls to raise the mineral extraction tax (MET) for oil producers, a government spokeswoman said on Monday, while a source told Reuters a gas output tax hike was being considered instead. Rather than hike MET, Natalia Timakova, the spokeswoman, said the government would instead consider ways of reducing export duties on oil more slowly than previously planned. "The prime minister has taken a decision not to adjust MET after a meeting," said Timakova. The idea of raising MET was put forward by the finance ministry…
Russia Examines Brussels' Seizure of State Assets
The Kremlin said on Thursday it was carefully examining a reported Belgian move to seize Russian state property in Belgium to cover a court settlement compensating shareholders in the now defunct oil company Yukos. Russia's Interfax news agency said a Belgian arbitration court had ruled in favour of a group of former shareholders about seizing Russian state property worth 1.65 billion euros ($1.9 billion) in Belgium. Belgian bailiffs Sacre and De Smet declined to comment. An international arbitration court ruled last July that Russia must pay $50 billion for expropriating the assets of Yukos…
Rosneft, India Secure Oil & Gas Deals
Rosneft aims to supply 200,000 bpd oil to Essar over 10 years; Russian bank VTB to open $1 billion credit line to Essar. Russia's top oil producer Rosneft struck oil and gas deals with India on Thursday, seeking to strengthen ties with Asia and diversify its exports away from Europe, under pressure from Western sanctions. During President Vladimir Putin's one-day visit to the Soviet-era ally, Rosneft signed an initial deal to supply 10 million tonnes a year or 200,000 barrels per day (bpd) of oil to India's Essar Group over 10-years, its head Igor Sechin told reporters. Supplies could begin as early as in 2015.
Essar, Rosneft to Sign 10-Year Oil Deal
India's Essar Group will sign a long-term crude oil import deal with Russia's Rosneft during President Vladimir Putin's visit to New Delhi on Thursday, government and industry sources said on Wednesday. "Essar will sign an MoU (memorandum of understanding) with them (Rosneft)," two Indian government sources said. "The deal will be for 10 years," an industry source familiar with the matter said. Essar Group operates the 405,000 barrels per day (bpd) Vadinar refinery in the western state of Gujarat and also the 296,000 bpd Stanlow refinery in northwest England which is operating at below its capacity.
Russia Moves to Take Sistema
Sistema's main owner is under house arrest; faces charges over acquisition of Bashneft. Investors fear more state intervention in economy. Russia moved to wrest control of an oil company from oligarch Vladimir Yevtushenkov on Friday, seizing his conglomerate Sistema's shares in the firm and deepening investors' fears the Kremlin wants to reclaim prized state assets. A Moscow court ordered the seizure of Sistema's stake in Bashneft a day after a judge refused to release Yevtushenkov, who is under house arrest on suspicion of money laundering during the oil firm's acquisition in 2009.
Russian Businessman Freed From House Arrest
Russian billionaire Vladimir Yevtushenkov was freed from house arrest on Friday, a company spokeswoman said, but the tycoon will have to stay in Russia to face money laundering charges over a deal to acquire a regional oil company. There were conflicting reports in Russian media over whether the head of the Sistema telecoms-to-oil conglomerate had seen a change in the conditions of his pre-trial detention, which some in Russia's business elite said were too harsh. The investigative committee, which charged Yevtushenkov, 65…
Russia Demands Changes to Ukraine-EU Trade Deal
Russia has demanded changes to a free-trade deal between Ukraine and the European Union, underlining that Moscow was not satisfied by a last-minute concession from the EU to delay implementing the pact at the heart of the conflict in Ukraine. In a letter to the EU trade commissioner, seen by Reuters on Thursday, Economy Minister Alexei Ulyukayev said Moscow wanted three-way negotiations to amend the EU's treaty with Kiev, which Russia says will hurt its own economy. Ulyukayev renewed threats to curb Ukraine's access to vital Russian markets…
Russia: State Support for Rosneft Possible
Russian Economy Minister Alexei Ulyukayev said on Tuesday that the government may provide some support for sanctions-hit oil producer Rosneft, but significantly less than it had asked for. Igor Sechin, the head of Rosneft, has asked the government to provide Rosneft with 1.5 trillion roubles to help the company weather western sanctions over Moscow's role in the Ukrainian crisis, the Vedomosti newspaper reported earlier this month. "There are some options for the support but the sums' order of magnitude is less than that," Ulyukayev told reporters. Reporting by Alexei Anishchuk
Russian Bank Will Not Bail out Miner Mechel
Russian state-owned development bank Vnesheconombank (VEB) said on Wednesday it would not take part in a bailout of indebted miner Mechel, extinguishing hopes for a convertible bond scheme that was seen as its most likely lifeline. The loss-making coal to steel group, hit by weak prices for its products, is in critical need of government support. With debts of $8.6 billion, Mechel has already gone through several debt restructurings with creditor banks, which now account for two-thirds of its debt. In June Economy Minister…
Russia Considers $5 bln rescue for Mechel
Mechel may issue convertible bonds and use proceeds to pay off a part of its debt. Some scenarios assume partial dilution of current owners. Russia is considering a $5 billion bail-out of Mechel, the country's largest producer of steelmaking coal, a government official said on Thursday, a rescue deal that could reduce the stake of controlling shareholder businessman Igor Zyuzin. The loss-making coal to steel group, hit by weak prices for its products, has been selling businesses to try to shore up its finances. With debts of $8.6 billion…
Rosneft Sale Proceeds Meant For State Budget - Minister
Russian Economy Minister Alexei Ulyukayev said on Saturday that proceeds from the state selling a stake in the country's largest oil producer should go to the federal budget and not to the energy holding Rosneftegaz. Russia is considering bringing forward its plans to sell 19.5 percent in the world's top listed crude producer. The economy and the finance ministries have been pushing for the deal, wanting cash for the federal budget. In the past, however, selling state property in Russia did not always mean extra budget revenues, as proceeds were sometimes retained by state companies.
