Rosneft and Gazprom Neft hit by EU sanctions

Russian energy firms Rosneft and Gazprom Neft were walloped with EU sanctions today. The “strengthened” sanctions against Russia came into force this morning as legal acts in the EU’s Official Journal were published. Rosneft had already been indirectly squeezed by Western sanctions – punishment for Russia’s apparent involvement in turbulence across eastern Ukraine – via US pressure […]

‘Rosneft asks Putin for £25bn loan’

Russian energy giant Rosneft is said to have asked the Russian Government for a loan of £24.9 billion this week. Government sources told Russian paper Vedomosti the business’s Chairman Igor Sechin has asked for the cash to cope with Western sanctions, reported Reuters. In July, the United States put sanctions on several prominent Russian energy […]

Russian oil boss put on US sanctions list

Russian oil chief Igor Sechin was slapped with sanctions by the United States yesterday in the latest move to pressurise Russia for its military action on its border with Ukraine. The country’s former Deputy Prime Minister and current Executive Chairman of state oil producer Rosneft, Mr Sechin is believed to be in President Vladimir Putin’s […]

‘Russia needs foreign money for long term oil production’

Russia needs to attract international investment to its oil and gas sector if it is to maintain production in the long run. That’s according to research and consulting firm Wood Mackenzie, which said the country needed to switch its focus away from the low hanging fruit of conventional onshore projects to more difficult and costly […]

Russia signs $270bn oil supply deal with China

Russian oil firm Rosneft (pictured) has signed a contract worth around $270 billion (£174.4bn) to supply crude oil to China, reports claim. The state-controlled company will export 365 million tons of oil to China over the next 25 years, with new supplies expected to start next month. The contract is on top of the 15 […]

Japan and Russia plan oil and gas exploration

Japan’s largest energy explorer has signed a deal with a Russian oil firm to explore oil and gas in the Sea of Okhotsk. The cooperation agreement between INPEX and Rosneft includes exploring and developing the blocks Magadan 2 and 3 in the Russian waters. The blocks are located around 50-150km south of Magadan city with […]

Mixed profits for energy giants

Russian energy giant Gazprom’s net profit fell 10% in 2012 compared to the previous year due to rising costs and lower sales whilst its rival BP saw underlying profits of $4.2 billion (£2.7bn) in the first quarter of 2013. Gazprom’s profits last year totalled RUB1.183 trillion (£24.6bn) compared to RUB1.30 trillion (£27bn) in 2011. The […]

Rosneft buys oil stake in Gulf of Mexico

Russian oil and gas company Rosneft has bought a stake in the Gulf of Mexico, taking a third (30%) of ExxonMobil’s 20 deepwater exploration blocks. Under the agreement, ExxonMobil will keep a 70% stake in each block and remain the main operator and Rosneft’s subsidiary Neftegaz America Shelf will own the rest. Igor I. Sechin, President […]

BP to sell 50% TNK-BP stake to Rosneft

Oil giant BP has announced it plans to sell 50% of its share in TNK-BP to Russian oil and gas firm Rosneft for cash and shares. Under the agreement, the UK firm will get $17.1 billion (£10.7 billion) in cash and 12.84% stake in Rosneft. BP intends to use $4.8 billion (£3 billion) of the […]

BP to challenge Siberian court’s $3bn payout

British oil giant BP was today ordered to pay a Russian partner $3billion (£1bn) in damages by a Siberian court. The lawsuit against BP was brought by a group of minority shareholders in its venture TNK-BP. The oil firm has been told to pay up after the collapse of a deal to explore the Arctic […]