Integrated Oil / Gas
Eni SpA Announces Reorganization of Gas and Power Segment
Eni SpA announced that following the reorganization of Eni’s Gas & Power activities, approved by the Company's Board of Directors, the Business Unit Optimization & Trading will be renamed Business Unit Midstream and a new Business Unit Downstream Gas & Power has been created. The Business Unit Downstream Gas & Power, of which Eni’s Chief Executive Officer, Paolo Scaroni, has been appointed interim head, will be responsible for the development in Italy and abroad of commercial retail and mid gas & power as well as the generation of electricity power. The Business Unit Midstream, headed by Marco Alvera, will oversee commodity trading activities, supply and oil & gas portfolio optimization, sales on wholesale gas & power markets, midstream LNG commercial activities and commodities transport. Following the reorganization, the Gas & Power Division activities will merge into the Business Units mentioned above.
ANK Bashneft' OAO Completes Consolidation of Petrochemical Assets within UPC
ANK Bashneft' OAO (Bashneft) announced that it has completed consolidation of Bashneft’s petrochemical assets within United Petrochemical Company (UPC), which had started in February 2013. As part of the consolidation, UPC acquired 100% stakes in LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant from Bashneft; it also established LLC Bisphenol. Subsequently, LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant signed agreements on acquiring property, plant and equipment previously leased from Bashneft, and LLC Bisphenol acquired a bisphenol A production unit from Bashneft. Besides, as part of the consolidation of petrochemical assets, OJSC UPC issued 10,166,000 additional ordinary shares worth a total of RUB 10.166 billion. On May 30, the additional share issue of OJSC UPC was placed by public offering. In the course of placement of UPC’s additional share issue, Bashneft exercised its pre-emptive right and purchased UPC’s securities in exchange for cash and securities of OJSC Ufaorgsintez, Bashneft’s subsidiary. As a result of the transaction, OJSC UPC acquired 65.3% of ordinary shares (a 56.5% stake in the authorized share capital) of OJSC Ufaorgsintez, while Bashneft retained its stake (98%) in the authorized share capital of UPC. The consolidation of Bashneft’s petrochemical assets within United Petrochemical Company is aimed at developing petrochemical production as a separate business.
Gazprom neft' OAO Reorganizes Its Wholesale and Retail Business; Establishes LLC Gazpromneft - Regional Sales –Interfax
Interfax reported that Gazprom neft' OAO (Gazprom Neft) plans to finish up a project to separate its wholesale and retail business in the third quarter (Q3) of 2014, Director for Regional Sales Mr. Alexander Krylov said at a press conference in Moscow. The reorganization process as a whole will take a year-and-a-half to two years. The key objective of the project is to raise efficiency of sales and corporate management, particularly by simplifying and consolidating the sales structure and dividing up the financial results of the wholesale and retail business. Mr. Krylov said that in order to manage wholesale sales, Gazprom Neft registered LLC Gazpromneft - Regional Sales in St. Petersburg, with four branches: a central one in Moscow, a Urals one in Tyumen, a West Siberian one in Omsk and an East Siberian one in Kemerovo. Gazpromneft - Regional Sales sells petroleum products to small wholesale clients and practices regional logistics. Its central branch kicked off operational activities in April, and the rest began in June. Gazprom Neft started reorganizing its retail business this June, with the unification of its petroleum product supply enterprises into three clusters: a central one in St. Petersburg (managed by CJSC Gazpromneft - North-West), a Urals cluster in Yekaterinburg (OJSC Gazpromneft - Urals), and a Siberian one in Novosibirsk (OJSC Gazpromneft - Novosibirsk).
Petroleo Brasileiro Petrobras SA Announces Proposal of Merger by Incorporation of Its Wholly-Owned Subsidiaries
Petroleo Brasileiro Petrobras SA announced that its Board of Directors on June 14, 2013 approved a proposal for reorganization of its petrochemical holdings portfolio and, in consequence, a proposal of merger by incorporation of its wholly-owned subsidiaries Comperj Participacoes SA, Comperj Estirenicos SA, Comperj MEG SA and Comperj Poliolefinas SA. The proposals will be submitted to the Extraordinary General Meeting of the Company.
NK Lukoil OAO Enters Norway's Narents Sea Shelf-Interfax
Interfax reported that NK Lukoil OAO (Lukoil) has entered the Norwegian Barents Sea shelf as the result of the 22nd Licensing Round announced by the Norwegian Ministry of Petroleum and Energy. Lukoil received a 20% interest in License PL708, where Sweden's Lundin Petroleum is operator with 40%, and Italy's Edison and Norway's North Energy each own 20%, Lundin said in a statement. The license included blocks 7130/4 (part) and 7130/7. Lukoil also received 30% of License PL719, which includes blocks 7321/8 and 7321/9, which are 100 km north of the Skrugard and Havis fields.
ANK Bashneft' OAO Transfers Shares in Ufaorgsintez to UPC-Interfax
Interfax reported that ANK Bashneft' OAO (Bashneft) has transferred shares in OJSC Ufaorgsintez (Ufaorgsintez) to its subsidiary OJSC United Petrochemical Company (UPC), the companies reported. In total, UPC received 63.8 million Ufaorgsintez shares, or 65.3% of the company's ordinary shares and 56.5% of its charter capital. UPC placed an additional issue worth RUB 10.166 billion to acquire the shares. As reported, Bashneft intends to consolidate its petrochemical assets, including Ufaorgsintez and the Tuimazinsky and Shkapovsky gas processing complexes, at UPC. At the beginning of February, Bashneft raised its stake in UPC from 74.99% to 100% by purchasing 25% of the company from Petrochemical Holding, a structure belonging to the former head of Russian petrochemicals company Sibur, Yakov Goldovsky. In the future, AFK Sistema, which controls Bashneft, is expected to buy UPC in its entirety in order to develop petrochemicals separately from its oil production block.
SIBUR Holding OAO Gets Direct Disposal of 99.99% of Zapsibtransgaz OOO-Interfax
Interfax reported that SIBUR Holding OAO has received direct disposal of 99.99% of Zapsibtransgaz OOO, the Company reported. The transaction was aimed at simplifying the Group's structure, the statement said. According to Interfax's SPARK database, all of Zapsibtransgaz OOO belonged to SiburTyumenGaz OAO, a subsidiary of SIBUR Holding OAO.
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