Key Developments: NK Rosneft' OAO (RNFTF.PK)
8.05USD
27 Feb 2013
$-0.23 (-2.82%)
$8.28
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Latest Key Developments (Source: Significant Developments)
NK Rosneft' OAO Offers to Buy 7.3% in Saras SpA-Interfax
Interfax reported that NK Rosneft' OAO (Rosneft) has launched a voluntary offer to buy just over 69 million shares in Saras SpA (Saras), or around 7.29% of the Italian oil refiner's shares, Rosneft said in a statement. Rosneft is offering to buy the shares for EUR 1.37 each, the same price at which it bought a 13.7% stake in Saras. Saras is trading at just over EUR a share in Milan at present. The offer is valid from May 27 to June 14, inclusive, but this could be extended, in accordance with current regulations, Rosneft said. The consideration payment date is June 19. Rosneft JV Projects S.A., in which Rosneft has indirect control of 100% of shares, recently completed the purchase of a 13.7% stake in Italian Saras SpA for EUR 178.5 million. Rosneft JV Projects bought 118,290.883 Saras shares from Angelo Moratti S.a.p.a. for EUR 162.1 million, as well as the entire stakes held by Gian Marco Moratti and Massimo Moratti (6 million shares each) for EUR 16.44 million. Angelo Moratti S.a.p.a. retains a 50.02% stake in Saras. As envisaged in the sale and purchase agreement, the purchaser has resolved to launch, subject to completion of the sale and purchase, a voluntary, partial, public tender offer for 69,310,933 shares of Saras (8% of Saras' capital) at a price per share equal to EUR 1.370, which is the same price per share as the sellers. Full Article
NK Rosneft' OAO and Venezuelan Corporacion Venezolana del Petroleo Sign Joint Venture Agreement
NK Rosneft' OAO (Rosneft) announced that on May 23, an agreement to create a joint venture (JV) to develop heavy oil reserves in Venezuela in the framework of the Carabobo-2 project was signed with the Venezuelan Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA. Rosneft's stake in JV will amount to 40%, the other 60% will be held by CVP. The Carabobo-2 project includes blocks Carabobo-2 North and Carabobo-4 West with a total area of 342 square kilometers located in the Orinoko river's heavy crude belt. Reserves at the blocks are estimated at 40 billion barrels (6.5 billion tons). Commercial oil production is expected to peak at over 400,000 barrels per day (about 25 million tons per year). Rosneft is to pay a bonus of $1.1 billion for entering the project in two tranches (40% and 60%) and also to offer a loan of $1.5 billion to CVP with the maximum yearly take-off of $0.3 billion. JV plans to perform the entire cycle of site exploration and development, building ground facilities and field pipelines. There are also plans for building a special refinery (upgrader) to increase the quality of the extracted oil to commercial. Rosneft’ President said before that new JV would be named Petrovictoria. The companies have also signed a confidentiality agreement allowing Rosneft to obtain geological data on Venezuelan offshore blocks for possible future cooperation, as well as a memorandum of intent to study several gas sites on Venezuelan shelf. Full Article
NK Rosneft' OAO Signs Loan Agreement with TNK-BP Holding OAO-Interfax
Interfax reported that NK Rosneft' OAO and TNK-BP Holding OAO have signed a loan agreement. Following the agreement, TNK-BP Holding OAO will provide the Company with a lon in the amount not exceeding RUB 10,615 million for the period up to five years. Full Article
NK Rosneft' OAO Signs Memorandum of Understanding with PetroVietnam
NK Rosneft' OAO announced that on May 15, 2013, the Company and Vietnam Oil and Gas Corporation PetroVietnam (PetroVietnam) have signed a Memorandum of Understanding (MOU) in Sochi to strengthen cooperation between the two oil and gas companies. The MOU – signed by Rosneft President and Chairman of the Management Board Igor Sechin and PetroVietnam Chairman of the Board of Directors Phung Dinh Thuc in the presence of President of Russia Vladimir Putin and Vietnam’s Prime Minister Nguyen Tan Dung – acknowledges both parties’ intention to expand their cooperation in upstream and downstream segments of the oil and gas industry in Vietnam, Russia and third countries. Full Article
NK Rosneft' OAO and LLC Volkswagen Group Rus Sign Agreement to Boost Gas Engine Fuel Market
NK Rosneft' OAO announced that the Company's President Mr. Igor Sechin and General Director of LLC Volkswagen Group Rus Mr. Markus Osegowitsch signed an agreement aimed at the development of the compressed natural gas (CNG) market in Russia, as well as the CNG-powered vehicles market. The agreement envisages the development of CNG filling infrastructure, equipment of NK Rosneft' OAO filling stations with facilities to provide CNG sales, as well as bringing to the market CNG-powered vehicles of Volkswagen, Audi, SKODA and VW Commercial Vehicles. The parties also intend to develop service infrastructure for CNG-powered vehicles, supply special equipment to service stations and train personnel. Both companies are partners of the 2014 XXII Olympic and XI Paralympic Winter Games in Sochi. Full Article
NK Rosneft' OAO's and NK Lukoil OAO's Joint Venture Gets License for Field in Sea of Azov-Interfax
Interfax reported that the Russian Federal Subsurface Resources Agency (Rosnedra) has issued an oil exploration and production license to LLC Priazovneft Oil Company, a joint venture between NK Rosneft' OAO (Rosneft) and NK Lukoil OAO (Lukoil), for the Novoye field of federal significance, which is located in Temryuk Bay in the Sea of Azov, the regulator reported. The order was signed on April 23. As reported, the Russian government has given its stamp of approval to issuing Priazovneft a license for the Novoye field. Full Article
NK Rosneft' OAO Receives RUB 69,44 Billion Loan from Its Subsidiaries-Interfax
Interfax reported that NK Rosneft' OAO has received a loan of RUB 69,44 billion (USD 2,2 billion) from the Company's 47 subsidiaries. The loan has been granted only by the subsidiaries of an old NK Rosneft' OAO, not including companies of TNK-BP OAO. Full Article
NK Rosneft' OAO Recommends FY 2012 Dividends
NK Rosneft' OAO announced that its Board of Directors recommended that the annual general shareholders meeting adopts a resolution to pay dividends for fiscal year 2012 of RUB 8.05 per share. This is higher than the last dividend payment for fiscal year 2011 of RUB 3.64 per share. A total amount of RUB 85.3 billion is to be spent on dividends. Full Article
NK Rosneft' OAO and Mitsui & Co Ltd Sign Memorandum of Understanding to Jointly Develop FEPCO Project-AG ReDeal
AG ReDeal reported that on April 29, 2013 NK Rosneft' OAO (Rosneft) and Mitsui & Co Ltd signed a Memorandum of Understanding (MOU) to jointly develop FEPCO project. The MoU was signed by Rosneft President and Chairman of the Management Board Igor Sechin and by Representative Director, Senior Executive Managing Officer, and Member of the Board of Directors of Mitsui & Co Ltd Shintaro Ambe in the presence of the Russian President Vladimir Putin and Prime Minister of Japan Shinzo Abe. The Far East Petrochemical Company (FEPCO), a subsidiary of Rosneft, is developing the project. Processing capacity of the petrochemical complex as part of the project is planned at 3.4 million tons of hydrocarbon feedstock per year (predominantly naphtha). The capacity of ethylene and propylene production unit is planned at 2 million tons per year. The complex is expected to be launched in 2017. As part of the MOU, the parties plan cooperation in engineering design. Following the results of this cooperation final investment decision on FEPCO construction will be made. Full Article
NK Rosneft' OAO's Wholly Owned Subsidiary Completes Purchase of 13.7% Stake in Italian Saras SpA for EUR 178.5 Million-Interfax
Interfax reported that Rosneft JV Projects S.A., a wholly owned company of NK Rosneft' OAO has completed the purchase of a 13.7% stake in Italian Saras SpA for EUR 178.5 million (EUR 1.37 per share). Rosneft JV Projects bought 118,290.883 shares of Saras from Angelo Moratti S.a.p.a. for EUR 162.1 million, as well as the entire stakes held by Gian Marco Moratti and Massimo Moratti (6 million shares each) for EUR 16.44 million. Angelo Moratti S.a.p.a. retains a 50.02% stake in Saras. Full Article
UPDATE 1-Venezuela's Petrovictoria to pump 120,000 bpd in 2016
JOSE, Venezuela, May 23 - Venezuela's Petrovictoria, a joint venture between state oil company PDVSA and Russia's Rosneft, will start production in 2016 and reach 120,000 barrels per day, PDVSA said on Thursday.
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