Page 132 - RusRPTJul21

Second, the shipping point of Vostok Oil, on the Arctic coast of Russia, will be roughly equidistant between Europe and Asia, potentially opening up significant arbitrage opportunities. However, the size of Vostok Oil – production in the early 2030s could reach 2mmbpd – means the flows of crude will need to be managed carefully.
Former German chancellor Gerhart Schroeder was reappointed the chairman of the board of directors of Rosneft with a paypackage of $600,000 a year, the company said in a press release on June 4.
The top non-executive directors of the company include:
· Schroeder Gerhard - in the amount of USD 600,000;
· Al Mohannadi Hamad Rashid - in the amount of USD 530,000;
· Alsuvaidi Faizalu - in the amount of USD 560,000;
· Warnig Matthias - in the amount of USD 580,000;
· Oleg Vyugin Vyugin - in the amount of USD 560,000;
· Rudloff Hans-Jörg - US $ 580,000.
Former Austrian Foreign Minister Karin Kneissl joined the board of directors of Rosneft as an independent director, according to a press release from the company. Information about Kneissl's nomination to the board of directors of Rosneft appeared on the website of the Russian government back in March.
Kneissl headed the Austrian Foreign Ministry from 2017 to 2019. In August 2018, Vladimir Putin attended the Kneissl wedding. The Russian President also danced with the head of the Austrian Foreign Ministry. Since 2020, Kneissl has been a columnist for RT on international relations.
In addition to Kneissl, former German Chancellor Gerhard Schroeder (who has chaired the council since 2017) and the executive director of Nord Stream 2 AG Matthias Warnig, a former Stasi agent nicknamed The Economist, have been nominated to the council as independent directors.
● Novatek
Novatek has signed heads of agreement on LNG sales with Zhejiang Provincial Energy Group (power generating company) for 1mnt/a for 15 years, Kommersant reports. The LNG is to be delivered at DES terms to Zhenjiang Energy’s LNG terminals in China. Additionally, Novatek and Glencore have agreed on the basic terms for supplying more than 0.5mnt/a of Novatek’s LNG to terminals in Eastern Asia. The price on these supplies will be tied to the JCC index with 11.5-12% slope, according to the paper. Novatek also plans to sell up to 2mnt/a of LNG though its joint venture with Chinese Sinopec and counts on winning the tender for supplying up to 4mnt/a to power generating assets in Vietnam. To recap, Arctic LNG 2 has signed offtake
132 RUSSIA Country Report July 2021 www.intellinews.com