Page 13 - FSUOGM Week 27 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft goes ahead with record dividend

RUSSIA THE shareholders of Russia’s largest state-owned as BlackRock and Vanguard own much of the
oil company Rosneft have approved the payment rest. But with sanctions preventing state-owned
Gazprom in contrast of a record RUB441.5bn ($8.1bn) in dividends Russian companies from raising Western capital,
decided not to issue a for 2021. Gazprom no longer has any need to pander to
dividend. The policy stands in stark contrast to that of these overseas investors.
state-run gas producer Gazprom, which said Meanwhile, the introduction of a one-off
on June 30 it had decided not to pay a dividend, increase in Gazprom’s mineral extraction tax this
in order to focus instead on Russian regional year to $8bn essentially means the Russian state
gasification, preparations for the heating sea- will not lose out as a result of losing the dividend.
son and settling increased mineral extraction Other large-sized Russian state companies such
tax. as Sberbank and Alrosa have similarly scrapped
While Gazprom’s announcement triggered their dividends.
a 27% slump in its share price, Rosneft’s share Meanwhile, Rosneft’s decision to go ahead
price rose by nearly 5% on news that it would with a dividend does not reflect a desire to
provide shareholders a reward of RUB41.66 reward BP, which owns a 19.5% interest in the
($0.79) per share. Rosneft also said its sharehold- company but has announced its intention to
ers had approved a new board of directors, and leave Russian in the wake of Moscow’s invasion
a new chairman for that board, Taieb Belmahdi, of Ukraine. Rather, it reflects the fact that Rus-
a former top manager at QatarEnergy, which is sia wants to avoid alienating Qatar, which owns
one of Rosneft’s shareholders. a further 20% stake in the company. Qatar has
While the Russian government owns half maintained a more neutral stance on Russia than
of Gazprom’s shares, Western blue chips such Europe and the West. ™

Rosneft strikes oil in Arctic Pechora Sea

RUSSIA ROSNEFT has reported a new oil discovery in Meydnsko-Varendeysky block, some 2,405
the Pechora Sea in the Russian Arctic, the com- square km in size and containing two other
Rosneft has pany announced on June 29, naming the find known fields, Medinskoye-morye and
spearheaded Madachagskoye. Varendey-morye.
exploration in the The company described the discovery as Rosneft has led exploration in the Russian
offshore Russian Arctic. “impressive,” estimating it to contain 82mn offshore Arctic, although sanctions imposed
tonnes (600mn barrels) of light oil, making it in 2014 that prohibit Western companies from
one of the largest finds on the Russian shelf in supporting oil and gas projects in the region have
recent times. It was found after Rosneft drilled hindered its efforts. The sanctions were imposed
an appraisal well almost 4.5 km deep. weeks after the company made the Pobeda oil
“All necessary work and research was carried discovery in the Kara Sea, estimating its size at
out using advanced Russian equipment and in up to 500mn tonnes.
accordance with the highest standards of indus- After resuming offshore drilling in the sum-
trial safety and environmental protection,” Ros- mer of 2020 after a six-year hiatus, Rosneft iden-
neft said. tified two fields estimated to contain a combined
The discovery is located at the 1.3 trillion cubic metres of gas. ™

Week 27 07•July•2022 www. NEWSBASE .com P13