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Rosneft sells Far East fuel sales unit
RUSSIA RUSSIAN state oil company Rosneft has con- sanctions pressure, with the restrictions making
firmed the sale of its regional sales division it difficult for the company to implement its pro-
Rosneft also cited the RN-Vostoknefteprodukt, which handles fuel jects in the Far East. The business also had a lack
lack of tax incentives at sales in the Russian Far East, to Komaks Man- of state support, Rosneft said.
its VNHK refining and agement, which operates Khabarovsk Interna- “In the current situation on the international
petrochemicals project. tional Airport, Argus reported on May 12. oil market, caused by increased sanctions pres-
Citing state data, Argus said that Komaks was sure, the impossibility of attracting investments
now registered as the 100% owner of RN-Vostok- and partners, and the lack of necessary meas-
nefteprodukt since May 6. Konstanine Basyuk is ures to support the VNHK project, the company
the president of Komaks and also the chairman decided to operate with Komaks,” the company
of the board of directors of Khabarovsk Airport, said.
according to Argus. VNHK, otherwise known as the Eastern Pet-
RN-Vostoknefteprodukt owns a chain of fuel rochemical Co., is a long-delayed Rosneft project
filling stations in the regions of Khabarovsk, Pri- to develop a major refining and petrochemical
morsk and Sakhalin. complex in the Far East. The company has been
According to Argus, Rosneft said it had lobbying for years for added state support for the
decided to divest the business because of project.
Eurasia Drilling Company to be sold
and registered in Russia
RUSSIA ONE of the largest oil servicing companies Eur- founder, Alexander Dzhaparidze, controlled
asia Drilling Company (EDC) could be sold to 30% of the shares, according to Kommersant,
EDC is one of the another domestic peer Petroengineering, Kom- while Lukoil was one of the largest contractors
largest oilfield services mersant daily reported citing unnamed sources of EDC with about 80% of the revenues in 2021.
companiesi in the CIS familiar with the acquisition application to the The deal is also linked to the resignation of
region. Federal Antimonopoly Service (FAS). the sanctioned Lukoil’s CEO Vagit Alekperov,
As followed by bne IntelliNews, in 2019 the who controls 8.9% in EDC. EDC is valued at
US oil services major Schlumberger has given about RUB20bn-RUB30bn by the analysts sur-
up the ghost on its years' long campaign to buy veyed by Kommersant (2-3x of Ebitda).
EDC, Russia's largest oil services provider. To remind, in March 2022 Oilfield ser-
Now EDC will be sold to Petroengineering vice majors Weatherford, Baker Hughes and
controlled by Salih Gagjiev (51%) and Zubair Schlumberger announced they were scrap-
Salimkhanov (49%). The company was only set ping all new investment in Russia following
up in April 2022 and legal experts surveyed by the fourth sanction package of the European
Kommersant that the deal is designed to rereg- Union banning investment in the energy sec-
ister EDC in Russia and shield it from sanctions. tor as part of the sanctions for Russia's military
EDC was created on the basis of Lukoil invasion of Ukraine. The US service major Hal-
Burenie in 2004, on the basis of the drilling liburton said it would cease operations in the
assets of Russian independent major Lukoil. The country.
Week 20 18•May•2022 www. NEWSBASE .com P9
