MOSCOW, July 10 (Reuters) – Two veterans of Yukos oil
company, who helped launch post-Soviet Russia to top world
producer status by spreading fracking, have left the country’s
only oil firm focused exclusively on hard-to-extract “tight
London-listed RusPetro on Wednesday announced the
departure of Chief Executive Don Wolcott, former vice president
for production and well performance at Yukos.
BEIJING, June 24 (Reuters) – Russian state-run oil firm
Rosneft will eventually export 46.1 million tonnes a
year of oil to China in the single largest contract in China’s
crude trade, CNPC said, or nearly a tenth of Russia’s current
China National Petroleum Corp, China’s top oil and gas
producer, said on its website, news.cnpc.com.cn, on Monday that
under the 25-year contract, supplies via the East
Siberia-Pacific Ocean (ESPO) pipeline will double to an expected
600,000 barrels per day by 2018.
ST PETERSBURG, Russia, June 21 (Reuters) – Gazprom
is ready to take on potential Russian and Australian rivals for
Asia’s ballooning liquefied natural gas market, its export chief
said after President Vladimir Putin signalled an end to its
exclusive right to export LNG.
Putin said Gazprom’s rivals such as Russian company Novatek
, which is building an LNG plant on the Arctic Yamal
peninsula, would gradually be allowed to export LNG, a move seen
by analysts as a first crack in Gazprom’s legally enshrined
ST PETERSBURG, June 20 (Reuters) – BP Chief Executive
Bob Dudley said the British major would look at direct
participation in “really difficult” Russian onshore oil ventures
with Rosneft, which already has an exploration deal
Rosneft confirmed at an annual general meeting on Thursday
that Dudley would have a seat on its board after BP’s
acquisition of a 20 percent stake earlier this year.
ST PETERSBURG, Russia, June 20 (Reuters) – Oil major BP
is weighing cuts of more than 1 million barrels per day
in targetted peak output at Iraq’s most prolific oilfield,
Rumaila, its chief executive said, as Baghdad aims to pump at
lower rates so resources will last longer.
“It is something the government has asked us to do,” Bob
Dudley said on Thursday in the Russian city of St. Petersburg on
the sidelines of the Rosneft annual general meeting.
LONDON/MOSCOW, June 10 (Reuters) – A vehicle to reinvest
nearly $14 billion earned by two Russian billionaires from their
stake in TNK-BP will be headed by Jonathan Muir, who as the oil
venture’s finance chief managed billions in dividend flows,
three sources said.
Soviet-born tycoons Mikhail Fridman and German Khan,
together with associates from their Alfa Group consortium, want
to plough their proceeds from the sale of TNK-BP, a partnership
with BP, into international oil and telecoms.
MOSCOW/LONDON (Reuters) – Russia’s Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz) is under no pressure to sell assets to fund debt repayments and will decide how to streamline its business once cost savings from a takeover of rival TNK-BP become clear, its finance chief said on Monday.
Announcing Rosneft’s (ROSN.MM: Quote, Profile, Research, Stock Buzz) $55 billion takeover of rival TNK-BP last year, Chief Executive Igor Sechin said the state-controlled oil major would look to sell non-core and less profitable assets.
LONDON/MOSCOW, May 31 (Reuters) – Banks that helped Russian
oil company Rosneft finance its $55 billion buyout of
rival TNK-BP have been left waiting for their payback – a share
in $15 billion in asset sales expected to follow the deal,
sources familiar with matter said.
State oil company Rosneft’s takeover of TNK-BP this year
aimed to create a major oil group producing more oil than Exxon
Mobil, but it also tightened the Russian government’s
grip on the country’s energy sector.
MOSCOW (Reuters) – Russia’s state-controlled oil company Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz) is planning to take over local gas firm Itera for $3 billion, two sources close to Rosneft said on Tuesday, strengthening its hand in challenging Gazprom’s (GAZP.MM: Quote, Profile, Research, Stock Buzz) industry dominance.
Rosneft already owns a 51 percent stake in Itera, which was the top gas supplier to the former Soviet Union republics in the 1990s before Gazprom secured a monopoly on Russian gas exports in 2006, and has now approved the purchase of the remaining 49 percent of Itera for around $3 billion, the sources said.
MOSCOW (Reuters) – Some of the world’s biggest fortunes were made and lost when the fall of the Soviet Union threw together a motley gang of brash young tycoons, hard-bitten oilmen and KGB veterans to scrabble for riches amidst the rubble of the Soviet oil industry.
“The iron curtain did not go down, Russians like to say, it went up,” says Georgetown professor Thane Gustafson in “Wheel of Fortune: The Battle for Oil and Power in Russia”, a drama of chance and personality which ultimately determined the fate of Russia’s oil.