Rusneftegaz

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Not to be confused with Russneft or Rosneftegaz.
Rusneftegaz
Native name
Руснéфтéгаз
TypePrivate
IndustryEnergy
Founded2005; 16 years ago (2005)
Headquarters
Moscow
,
Russia
Area served
Worldwide
ProductsPetroleum
Petroleum products
Electrical power
Revenue$564 million[1] (2019)
$223 million[1] (2019)
$179 million[1] (2019)
Total assets$1.63 billion[1] (2019)
Total equity$1.55 billion[1] (2019)
Websiterusneftegaz.com

Rusneftegaz (Russian: Руснéфтéгаз, tr. Rusnéftégaz, IPA: [rʉsnʲɪftʲɪˈɡas]) is a Russian energy company headquartered in Moscow, specializing in the business of energy generation and the extraction, production, and sale of petroleum and petroleum products. As of 2021, Rusneftegaz is the largest privately owned energy company in Russia in terms of revenue and oil production, extracting 5.78 million barrels in 2019. The company possesses proven and probable petroleum reserves of 100 million barrels via 26 oil fields in the Khanty-Mansi Autonomous Okrug and the Komi Republic. Rusneftegaz also controls 1,860 MW of electrical generating capacity via three 600 MW coal-fired power stations in Vologda Oblast, supplying 10.2 TWh of electricity in 2019.[2] The name Rusneftegaz is a portmanteau of the Russian words Russkoye neftegaz (Russian: Русское нефтегаз - Russian oil and gas).

Rusneftegaz has been frequently criticized for its corporate governance and environmental record. The company caused controversy in 2014 due to its illegal refusal to pay the salaries of employees involved in a labor dispute.[3] The case was later resolved in court and the company and its directors were found guilty and fined accordingly.[4] Rusneftegaz has also been implicated in major fraud cases and received large fines for causing excessive air pollution.[5][6]

Throughout its history, Rusneftegaz has also been accused of having an improper financial relationship with the Russian Orthodox Church.[7]

History[]

Rusneftegaz was originally founded in 1991 following the dissolution of the Soviet Union. In 2004, Rusneftegaz was a financial contributor towards Spetsproektinvest (Russian: Спецпроектинвест, lit. Special Project Invest), a consortium with Ingosstrakh and Mezhprombank formed to bid to manage Sheremetyevo International Airport.[8] Ultimately the bid was unsuccessful and Rusneftegaz was then refounded in 2005 solely as a holding company for various oil and gas extraction licenses in northern Russia. After a corporate reorganization in 2015, the Russian Minister of Energy Alexander Novak stated that Rusneftegaz was interested in entering the energy markets of both Algeria[9][10][11] and Egypt.[12][13] At the eleventh session of the Egyptian-Russian Joint Ministerial Committee, the Russian delegation led by Minister of Trade and Industry Denis Manturov requested that the Egyptian Ministry of Petroleum increase its cooperation with Rusneftegaz.[14][15]

The company later also signed agreements to enter the petroleum production and power generation industries in Iran.[16] Later that year Rusneftegaz formed part of a delegation led by Novak to Tehran, and joined the Iranian-Russian Joint Economic Commission with seven other Russian oil and gas companies including Rosneft and Gazprom.[17] The commission established a joint Iranian-Russian bank to facilitate investment in energy infrastructure projects in Iran.[18] In September 2019, Rusneftegaz became the first Russian energy company to both open an international trading office in New York, and to begin listing their products on the Intercontinental Exchange.[19][20] In the same year, Rusneftegaz also paid a total of $343k in fines and penalties for polluting the environment.[1] Rusneftegaz has previously made contributions to geological research projects and is currently undertaking research into developing commercially-viable hydrogen production using catalytic reformation.[21][2]

Controversy[]

In November 2014, Rusneftegaz was charged and convicted of the illegal refusal to pay the wages of staff at the company's office in Nizhnevartovsk during a prolonged labor dispute occurring between 2013 and 2014. Despite having sufficient opportunities to pay these salaries Viktor Goryachev, the regional director, withheld the funds after being directed to do so by the board of directors and instead spent the funds in other areas. Consequently, both Goryachev and Rusneftegaz were fined in 2016. In addition to several directors and managers including Goryachev, Rusneftegaz was later also convicted of embezzling 90 million Rubles, or approximately $2.75 million dollars (2013), of an unfulfilled contract.[22]

Rusneftegaz has also been prosecuted for a number of environmental offences, including in May 2015 when the company received a record fine for excessive gas flaring occurring between 2013 and 2014, with the Environmental Prosecutor’s Office commenting “For a long time, instead of using the petroleum gases efficiently the company was flaring it, causing a significant increase in pollutants and emissions in the air.”

See also[]

References[]

  1. ^ a b c d e f 2019 Rusneftegaz Consolidated Financial Statements (PDF). 7 April 2020.
  2. ^ a b "Production". rusneftegaz.com. Retrieved 11 January 2021.
  3. ^ "В Нягани перед судом предстанет руководитель предприятия, обвиняемый в невыплате заработной платы работникам". sledcom.ru (in Russian). Retrieved 16 October 2015.
  4. ^ "В Нягани руководитель «Руснефтегаз» признан виновным в невыплате заработной платы 24 работникам предприятия". sledcom.ru (in Russian). Retrieved 26 January 2016.
  5. ^ "В Нягани возбуждено уголовное дело в отношении руководителя «Руснефтегаз»". sledcom.ru (in Russian). Retrieved 4 March 2015.
  6. ^ "В Югре возбуждено дело на главу компании за мошенничество на 30 млн рублей". tass.ru (in Russian). Retrieved 4 March 2015.
  7. ^ Timofeev, Lev. Economic Activity of the Russian Orthodox Church and its Shadow Component. p. 156. ISBN 9785728104537.
  8. ^ "Шереметьево теряет кандидатов". kommersant.ru (in Russian). Retrieved 19 January 2004.
  9. ^ "Новак: "Татнефть" заинтересована в проектах в Алжире". tass.ru (in Russian). Retrieved 31 July 2015.
  10. ^ "Российско-алжирское сотрудничество пойдет в "Горки"". kommersant.ru (in Russian). Retrieved 27 April 2016.
  11. ^ "А.Новак: Газпром нефть, ЛУКОЙЛ и Башнефть хотят выйти на рынок Алжира". neftegaz.ru (in Russian). Retrieved 31 July 2015.
  12. ^ ""Газпром" договорился о поставках газа в Египет". dp.ru (in Russian). Retrieved 26 August 2015.
  13. ^ ""Газпром" и "Египетский газовый холдинг" подписали контракт на поставку СПГ". tass.ru (in Russian). Retrieved 26 August 2015.
  14. ^ "مصر تدعو روسيا للمشاركة في مناقصات البحث والتنقيب عن البترول والغاز". elbalad.news (in Arabic). Retrieved 24 May 2018.
  15. ^ "«القاهرة» و«موسكو» تتفقان على ضخ استثمارات روسية في السوق المصرية في مجالات بنية السكك الحديدية والمزارع السمكية والكهرباء والغاز والبترول وإزالة المعوقات الجمركية". elbalad.news (in Arabic). Retrieved 24 May 2018.
  16. ^ "Ministers Ink Russia-Iran Trade Deals Worth Billions". our-russia.com. Retrieved 12 November 2015.
  17. ^ "Session of Iran-Russia Joint Economic Commission: New Economic Development Era, Increased Trade". gov.ir. Retrieved 8 November 2015.
  18. ^ "Russian Energy Minister Reports of Joint Bank with Iran". gov.ir. Retrieved 14 November 2015.
  19. ^ "Rusneftegaz". bloomberg.com. Retrieved 16 December 2019.
  20. ^ "Открытие Первого Международного Офиса". rusneftegaz.com (in Russian). Retrieved 30 September 2019.
  21. ^ von Eynatten, Hilmar (2006). "Schriftenreihe der Deutschen Geologischen Gesellschaft": 173. Cite journal requires |journal= (help)
  22. ^ "Руководитель компании в ХМАО подозревается в мошенничестве". kommersant.ru (in Russian). Retrieved 5 March 2015.

External links[]

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