Friday, November 22, 2024

Darya Korsunskaya News

Sechin to Stay at Rosneft's Helm for 5 More Years - Vedomosti

Igor Sechin - Image: Kremlin.ru

The Russian government has extended a contract for Igor Sechin, a close ally of President Vladimir Putin, to stay as the chief executive officer of giant oil producer Rosneft for five more years, Vedomosti daily reported on Wednesday.The daily, citing three people familiar with the situation, said the government signed the order to extend Sechin's contract a few days ago.It said that a "federal official" has confirmed that the decision was approved by the government.Sechin…

Russian-led Arctic Oil Project to Cost $157 Bln

© Alexander Blinov / Adobe Stock

A ambitious new Arctic oil project led by Russia's top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia's deputy energy minister Pavel Sorokin told reporters.Vostok Oil, a joint project of Rosneft and Independent Petroleum Company (IPC), is set to include some oil fields that are already producing and others which have yet to start, including Rosneft's Vankor group and IPC's Payakhskoye field.The government has broadly agreed a new tax relief package to help develop the Arctic…

RDIF, Schlumberger Aim to Reach Eurasia Drilling Deal Soon

Eurasia Drilling Company

Russia's RDIF sovereign wealth fund and U.S. oilfield services provider Schlumberger plan to complete a deal soon to buy a stake in Russia's Eurasia Drilling Company, RDIF boss Kirill Dmitriev was cited as saying by TASS news agency.Dmitriev told reporters separately that state oil pipeline monopoly Transneft was considering a share buyback but did not provide details.(Reporting by Darya Korsunskaya; writing by Tom Balmforth; editing by Jason Neely)

​​​​Russia's Gazprom, Austria's OMV Sign Gas Supply Deal Until 2040

Photo: Gazprom

Kremlin-controlled gas producer Gazprom and Austrian energy company OMV signed a new deal on Tuesday on Russian gas supplies to Austria through to 2040, a Reuters correspondent reported from the signing ceremony in Vienna.No details of the deal were provided.Last year, Gazprom increased gas supplies to Austria to more than 9 billion cubic metres (bcm) from 6.1 bcm in 2016. Reporting by Darya Korsunskaya Writing by Vladimir Soldatkin

Putin: Oil Cuts with OPEC Could Last to End of 2018

Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb a supply glut. The pact between the Organization of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is now due to expire in March. "Everyone is interested in a stable market.

Russia Signs Out-of-court Settlement with Exxon on Sakhalin-1

Russia and U.S. oil major Exxonmobil have signed an out-of-court settlement agreement regarding a legal dispute over the Sakhalin-1 oil and gas project, Russia's finance ministry said in a statement on Thursday. "The sides have reached a mutually beneficial compromise," the ministry said, adding that the agreement was signed on Sept. 12. Russian President Vladimir Putin said on Sept. 7 that the dispute had been resolved.     Reporting by Darya Korsunskaya; Writing by Polina Devitt

Strong Rouble Limits Effect From Oil Cut Deal for Russia

A strong rouble is deflating Russian oil producers' and government hopes for a revenue boost from a global deal to curb output that was designed to lift prices and reduce inventories. The price of Russia's flagship Urals oil blend has risen around 20 percent since OPEC and 11 other large producers, led by Russia, agreed late last year to cut production in the first half of this year. In the same time though, the rouble has climbed by more than 10 percent versus the dollar, eroding gains for Russian oil.

Russia Could Rebuild Fiscal Reserves with $55 Oil

Russia could start building up its depleted fiscal reserves while keeping the rouble from firming if prices for Urals crude oil average $55 a barrel this year, documents seen by Reuters showed on Thursday. With Urals oil prices between $40 and $55 a barrel, the finance ministry will seek to limit spending from its fiscal reserves, according to the documents on a new budget rule being considered by the finance ministry. Russia is looking for ways to avoid depletion of its thin fiscal buffers…

Russian Finance Minister says Rosneft Deal Had No Impact on Rouble

Russia's finance ministry and the central bank managed to minimise the market impact from the privatisation of oil giant Rosneft, which required conversion of foreign currencies into roubles, Finance Minister Anton Siluanov said on Friday. Russia said earlier this month it sold a 19.5 percent stake in Rosneft to the Qatar Investment Authority (QIA) and commodities trader Glencore. The deal had raised concerns that the transaction could boost the rouble volatility.

Russian PM Orders Govt to Work on Increasing Rosneft Dividends

Russian Prime Minister Dmitry Medvedev said on Friday that he had ordered the government to work on increasing Rosneft's dividend payments. For its 2015 results Rosneft paid 35 percent of its net profit according to international accounting standards. Medvedev also said on Friday that after Glencore and Qatar had agreed to buy a 19.5 percent stake in Rosneft, Russia had completed its privatisation plans for 2016 in full.   (Reporting by Darya Korsunskaya; Writing by Denis Pinchuk)

Rosneft May Consider Privatisation Deal

Russian oil major Rosneft could consider a privatisation deal at a board meeting on Wednesday, a person close to the board and a second person in the banking industry told Reuters on Monday. Under a government decree, the sale of a 19.5 percent state stake in Rosneft is to be finalised by Dec. 5, with the state budget receiving the funds by end-2016. The decree did not stipulate a buyer, but Rosneft is widely expected to buy the stake itself.

Russia sees Gazprom 2016 Dividend Payout Ratio upto 50%

Russia expects natural gas producer Gazprom to pay 50 percent of its earnings in 2016 dividends, more than doubling the payout from the previous year, according to the draft federal budget. The government earlier ordered a 50-percent threshold for state companies but Gazprom gained a waiver from the rule and set 2015 dividends at around 23.5 percent of net profit under International Financial Reporting Standards. Gazprom is expected…

Russia May Force Rosneft to Buys Its Own Shares

Photo: Rosneft

Russia's government wants to sell a state stake in oil giant Rosneft to "real investors" but may force the company to buy its own shares to prop up the country's budget, First Deputy Prime Minister Igor Shuvalov said on Thursday. If Rosneft buys its own shares, it will be only a temporary measure to channel extra revenues to the budget by the end of the year, Shuvalov said. In such case Rosneft will later sell the stake to investors, he said.

Russia May Force Rosneft to Buys its Own Shares

Russia's government wants to sell a state stake in oil giant Rosneft to "real investors" but may force the company to buy its own shares to prop up the country's budget, First Deputy Prime Minister Igor Shuvalov said on Thursday. If Rosneft buys its own shares, it will be only a temporary measure to channel extra revenues to the budget by the end of the year, Shuvalov said. In such case Rosneft will later sell the stake to investors, he said.

Russia's Government Sees Rosneft Stake Sale a Priority

Russian government's priority it to sell a stake in the country's largest oil producer Rosneft , First Deputy Prime Minister Igor Shuvalov said on Wednesday.   After that sale happens, the government will return to selling a stake in Bashneft.   Russian Prime Minister Dmitry Medvedev has postponed the privatisation of mid-sized oil producer Bashneft on Tuesday   (Reporting by Darya Korsunskaya, writing by Denis Pinchuk; Editing by Lidia Kelly)

Russia Says Rosneft Stake Sale to Come Before Bashneft

A sale of part of Russia's holding in oil producer Rosneft is a priority and will come before any privatisation of mid-sized rival Bashneft , First Deputy Prime Minister Igor Shuvalov said on Wednesday. "We should focus on (Rosneft)", Shuvalov said. Russian Prime Minister Dmitry Medvedev on Tuesday unexpectedly postponed indefinitely the plans to privatise Bashneft, which had created tensions over whether state-run Rosneft should be allowed to buy a stake in its rival.

Russian Budget Faces Revenue Shortfall in 2016

Russia's federal budget is expected to face a revenue shortfall of 700 billion roubles ($10.83 billion) in 2016 because oil prices are likely to be lower than projected in the budget, Deputy Finance Minister Alexei Lavrov said on Tuesday. Approved at the end of last year, the 2016 budget assumes an average Urals oil price of $50 per barrel, but officials have long said that the forecast is now unrealistic. Urals averaged $38 per barrel in the first half of this year.

Putin Blesses Gazprom Neft's Arctic Liftings

Russia's Gazprom Neft, under the gaze of President Vladimir Putin, has started loading a tanker with crude from its new Novoportovskoye field in the Arctic, which will help Moscow maintain record-high oil production. The project will help the company to reach its target of 100 million tonnes per year, or 2 million barrels per day, of oil production by 2020. It will also help Russia to keep its oil production at more than 10 million barrels per day…

FinMin Says to Stick to Oil Duty Cuts Plans in 2017

Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday. Russia had scrapped plans to cut the duty for this year due to lower prices of oil, the country's main exporting commodity. Oil producers had expressed concern that the government would increase the tax burden as it tries to make up the shortfall in state coffers.

Russian Energy Minister Novak Confirms Doha Oil Meeting

Russian Energy Minister Alexander Novak on Wednesday confirmed that a meeting of OPEC and non-OPEC nations will be held in Doha on April 17 to discuss a possible deal on oil production freeze levels. Novak told reporters that a joint statement on the oil production freeze deal - tentatively reached last month - would be probably agreed in Doha next month. Qatar is to send out invitations for the meeting. So far, some 15 countries confirmed their participation…