{{Short description|Russian oil company}} {{distinguish|Rosneft|Rusneftegaz}} {{Infobox company | name = Russneft | traded_as = {{MCX|RNFT}} | logo = Russneft_Logo.png | type = Public joint stock company | foundation = 2002 | founder = [[Mikhail Gutseriyev]] | location = [[Moscow]], [[Russia]] | key_people = {{ubl|[[Mikhail Gutseriyev]] (major shareholder|Evgeny Tolochek ([[CEO]])}} | num_employees = 10,000 (2020) | revenue = {{wikidata revenue|revenue|USD}}{{wikidata revenue|revenue|ref}} | revenue_year = {{wikidata revenue|revenue|year}} | operating_income = {{wikidata revenue|operating_income|USD}}{{wikidata revenue|operating_income|ref}} | income_year = {{wikidata revenue|operating_income|year}} | net_income = {{wikidata revenue|net_income|USD}}{{wikidata revenue|net_income|ref}} | net_income_year = {{wikidata revenue|net_income|year}} | assets = {{wikidata revenue|assets|USD}}{{wikidata revenue|assets|ref}} | assets_year = {{wikidata revenue|assets|year}} | equity = {{wikidata revenue|equity|USD}}{{wikidata revenue|equity|ref}} | equity_year = {{wikidata revenue|equity|year}} | industry = [[refining]] | homepage = http://www.russneft.ru/eng/ }} '''Russneft''' ({{langx|ru|Русснефть}}) is a Russian oil company headquartered in Moscow which was established by [[Mikhail Gutseriyev|Mikhail Gutseriev]] in 2002. It is a member of the [[SAFMAR]] industrial and financial group.<ref>{{cite web|url=http://eng.russneft.ru/history/|title=History|publisher=eng.russneft.ru|accessdate=2009-09-08|url-status=dead|archiveurl=https://web.archive.org/web/20090220225839/http://eng.russneft.ru/history/|archivedate=2009-02-20}}</ref>
== Background == Russneft was founded in September 2002 by Mikhail Gutseriev, a Russian businessperson and philanthropist, with support from the Swiss company [[Glencore]].<ref>[http://top.rbc.ru/economics/24/10/2007/123592.shtml «Швейцарцы заинтересовались „РуссНефтью“»], top.rbc.ru</ref> It included early oil-production operations in [[West Siberia]], [[Ulyanovsk]], the [[Saratov]] and [[Penza]] regions, [[Udmurtia]], and the [[Komi Republic]]. Russneft purchased oil processing and distribution plants in [[Orenburg Oblast]] and [[Krasnodar Krai]] regions in 2006, becoming a [[Vertical integration|vertically-integrated]] oil [[holding company]]. It is one of Russia's top ten vertically-integrated oil companies, producing 10 million tons and processing nine million tons.
Some of Russneft's assets were transferred to the oil-processing holding companies Forteinvest and NK Neftisa, both owned by Gutseriev.<ref>[http://www.kommersant.ru/doc/1672344 ''Ольга Мордюшенко''. «Ру��снефть» слилась из Орска] // Коммерсант, No. 119/П (4660), 4 июля 2011</ref> The Khanty-Mansi oil company and the Nazymskaya oil and gas exploration expedition, both in West Siberia, merged with Russneft in December 2014.<ref>ИА АК&M//[https://archive.today/20150528215830/http://www.akm.ru/rus/news/2014/december/11/ns_5026920.htm]</ref>
== {{anchor|RussNeft Case|Opinions}}Investigations == In November 2006, the Investigative Committee of the Russian Federation initiated a criminal proceeding related to operations of three RussNeft subsidiaries: Nafta-Ulyanovsk, Ulyanovskneft and Aganneftegazgeologiya. According to the investigation, in 2003-2004 Aganneftegazgeologiya exceeded its permitted output in developing the oilfields at Zapadno-Mogutlorskoye and Roslavlskoye and received ₽5 billion in excess profit. Similar violations were discovered by the General Prosecutor's Office during investigations of Nafta-Ulyanovsk and Ulyanovskneft; managers of the companies exceeded quotas allowed by the subsoil licenses. The income of Nafta-Ulyanovsk from the sale of illegally-produced oil amounted to about ₽700 million, and the income of Ulyanovskneft reached ₽2 billion.<ref name="glava">[http://top.rbc.ru/incidents/14/05/2007/103472.shtml Глава «Русснефти» обвинен в незаконном предпринимательстве], [[РБК]], 14 мая 2007]</ref>
In late January 2007, authorities began investigating the company for tax evasion. On February 12, 2007, Gutseriev was charged with violating Part 2, Article 199 of the Criminal Code of the Russian Federation. The Federal Tax Service submitted eight claims to Russneft's former and current shareholders in April 2007. The tax authorities believed that stock in the company was sold at a low price to evade taxes. <ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/06/19/127749 ''Филипп Стеркин.'' Дешево продали] // Ведомости, No. 110 (1884), 19 июня 2007</ref><ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/06/13/127353 ''Ирина Резник, Дмитрий Симаков, Анастасия Корня.'' Восемь дел Гуцериева] // Ведомости, No. 106 (1880), 13 июня 2007</ref> In June 2007, Tax Inspection No. 1 made a claim on RusNeft for ₽17.1 billion (₽14.5 billion in taxes and surcharges and ₽2.6 billion in penalties).<ref>[https://web.archive.org/web/20070207124240/http://www.expert.ru/printissues/expert/2007/05/krah_balovnya_sudby/ ''Иван Рубанов.'' Крах баловня судьбы] // Эксперт (журнал), No. 5 (546), 5 февраля 2007</ref><ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/06/18/127667 ''Филипп Стеркин, Татьяна Воронова'' Гаранты Гуцериева] // [[Ведомости]], No. 109 (1883), 18 июня 2007</ref>
Gutseriev reported in late July that he was being pressured by the Russian government and would sell the company to Bazoviy Element, a holding company owned by [[Kremlin]] loyalist [[Oleg Deripaska]]. He resigned as president, saying that he would end his business activity and go into research. On July 31, the Lefortovo Court seized all RussNeft shares.<ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/07/31/130171 ''Ирина Резник.'' Гуцериев уходит в науку] // Ведомости, No. 140 (1914), 31 июля 2007</ref><ref>[http://www.kommersant.ru/doc-y.aspx?DocsID=794083 Акции «Русснефти» перевели в Лефортово] // Коммерсантъ, No. 141 (3717), 9 августа 2007]</ref>
On November 9, 2007, the Arbitration Court of Appeal upheld the order of the Arbitration Court of Moscow fining Russneft about ₽17 billion for the second half of 2004 and all of 2005. After the decision, tax authorities would begin charging arrears.<ref>[http://kommersant.ru/doc.aspx?DocsID=824269 ''Денис Ребров, Ольга Плешанова.'' С «Русснефти» сняли обеспечительные меры] КоммерсантЪ, No. 207(3783), 12 ноября 2007</ref>
In January 2010, Gutseriev regained control of the oil company. By mid-April, all charges against him were dropped.<ref name="вед_04_10"/>
On May 4, 2017, Gutseriev was charged with illegal business activity in violation of paragraphs a and b of part 2, Article 171 of the Criminal Code of the Russian Federation. His travel was restricted before trial.<ref name="glava"/>
Political considerations also influenced the investigations. A source close to the government of [[Ingushetia]] said that Gutseriev angered security services by preventing the development of Russneft in Ingushetia, but ''[[Kommersant]]'' downplayed that. According to Russneft, Gutseriev clashed with a high-ranking Kremlin official. It was less related to the oil business, but more to the political initiatives of M.Gutseriev. ''[[RBK Daily]]'' reported that Russneft had purchased assets from [[YUKOS]] which were not approved by the Kremlin, but refused to purchase Transpetrol (a Slovak pipeline company of strategic significance to Russia).<ref>[http://top.rbc.ru/society/15/05/2007/103662.shtml Эксперты о причинах возбуждения дела против М. Гуцериева] // РБК, 15 мая 2007]</ref>
A number of experts said that one reason for pressure on Gutseriev was his refusal to sell Russneft to a state company for US$1 billion in 2006. Another reason was connected to his financing of opposition to Ingush president [[Murat Zyazikov]].<ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/05/15/125758 ''Алексей Никольский, Ирина Резник, Мария Рожкова.'' Готовят к продаже] // Ведомости, No. 86 (1860), 15 мая 2007</ref><ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/08/13/130874 ''Кирилл Харатьян.'' Человек недели: Смотритель] // Ведомости, No. 149 (1923), 13 августа 2007</ref>
== {{anchor|Owners and Managers}}Ownership and management == Gutseriev and his partners were the founders and initial owners of Russneft. Control of the company was assumed in March 2009 by Bazoviy Element, the holding company owned by Oleg Deripaska. [[Glencore]] also had an option to purchase a stake in Russneft.<ref name="ved_04_09">[http://www.vedomosti.ru/newspaper/article.shtml?2009/04/03/189354 ''Елена Мазнева.'' Добавить $2 млрд] // Ведомости, No. 59 (2329), 3 апреля 2009</ref>
In January 2010, Gutseriev regained control of the company. In April of that year, it was announced that he would selling 49 percent of Russneft to AFK [[Sistema]]; two percent of the company's shares were sold to [[Sberbank]]. In July 2013, AFK Sistema sold 25 percednt of its shares to Bradinor Holdings Limited; twenty-four percent were purchased by Cromeld Management Limited. Both companies served Gutseriev family members.<ref name="вед_04_10">[http://www.vedomosti.ru/newspaper/article/2010/04/26/232404 ''Ирина Резник, Екатерина Дербилова''. Гуцериев сделал дело] // Ведомости, No. 74 (2592), 26 апреля 2010</ref><ref>[https://1prime.ru/oil/20130711/764839991.html АФК «Система» завершила продажу своей доли в «Русснефти» за $1,2 млрд] // ИА «Прайм», 11 июля 2013</ref>
Gutseriev owned 60 percent of Russneft's [[common stock]], and Glencore owned 25 percent. Gutseriev has been chairman of the board since February 2015.<ref>КоммерсантЪ//http://www.kommersant.ru/doc/2308241</ref>
He sold his stake (37.15 percent) in August 2021 to Vemonar Holdings (a Cypriot company owned by his brother, Sait-Salam Gutseriev). According to Russneft, the deal was made on June 10, before June 21 EU sanctions and August UK sanctions on Gutseriev (due to his connections with Belarus president [[Alexander Lukashenko]]) were imposed.<ref>{{Cite web|url=https://tass.ru/ekonomika/12100289|title=Михаил Гуцериев вышел из акционерного состава "Русснефти"|language=ru|date=2021-08-10|publisher=tass.ru}}</ref>
== {{anchor|IPO 2016}}2016 IPO == On November 25, 2016, Belyrian Holdings Limited (owned by Gutseriev) began trading 20 percent of the common stock on the [[Moscow Exchange]] (15 percent of the [[authorised capital]]) at ₽550 per share. Russneft, valued at ₽161.8 billion, raised ₽32.4 billion in the [[initial public offering]].
== {{anchor|Activity}}Production== West Siberia group: * ОАО Mokhtikneft * ОАО Varioganneft * ОАО MPK Aganneftegazgeologiya * ООО Beliye Nochi * ЗАО Chernogorskoye * ОАО NAK AKI-OTYR * ST Golioil
Volga group: * ОАО Saratovneftegaz * ОАО Ulyanovskneft
Central Siberia group: * ООО Tomskaya Neft<ref>Официальный сайт АО НК «РуссНефть»//http://www.russneft.ru/production/extracting/ {{Webarchive|url=https://web.archive.org/web/20150529114702/http://www.russneft.ru/production/extracting/ |date=2015-05-29 }}</ref>
RussNeft is developing over 120 oil and gas fields, and its oil reserves were estimated at 600 billion tons.<ref name="ved_04_09"/>
== {{anchor|Performance Indicators}}Performance == Russneft's 2016 IPO, intended to repay long-term loans, netted ₽14 billion.<ref>{{Cite web|url=http://www.finbaza.com/single-post/2017/08/30/%D0%A0%D1%83%D1%81%D1%81%D0%BD%D0%B5%D1%84%D1%82%D1%8C---%D1%81%D0%B0%D0%BC%D0%B0%D1%8F-%D1%8D%D1%84%D1%84%D0%B5%D0%BA%D1%82%D0%B8%D0%B2%D0%BD%D0%B0%D1%8F-%D0%BD%D0%B5%D1%84%D1%82%D1%8F%D0%BD%D0%B0%D1%8F-%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F-%D0%B2-%D0%A0%D0%BE%D1%81%D1%81%D0%B8%D0%B8|title=finbaza-com|publisher=finbaza-com|accessdate=2017-08-29|url-status=usurped|archiveurl=https://web.archive.org/web/20171103015656/http://www.finbaza.com/single-post/2017/08/30/%D0%A0%D1%83%D1%81%D1%81%D0%BD%D0%B5%D1%84%D1%82%D1%8C---%D1%81%D0%B0%D0%BC%D0%B0%D1%8F-%D1%8D%D1%84%D1%84%D0%B5%D0%BA%D1%82%D0%B8%D0%B2%D0%BD%D0%B0%D1%8F-%D0%BD%D0%B5%D1%84%D1%82%D1%8F%D0%BD%D0%B0%D1%8F-%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F-%D0%B2-%D0%A0%D0%BE%D1%81%D1%81%D0%B8%D0%B8|archivedate=2017-11-03}}</ref> The company's gross 2018 revenue was ₽176.365 billion (up 43 percent from 2017); its net was ₽11.752 billion RUB (up 8.7 percent from 2017), and its [[Earnings before interest, taxes, depreciation and amortization|EBITDA]] was ₽18.276 billion (up 39.1 percent from 2017). In 2019, Russneft produced 7.2 million tons of oil per year and had reserves equivalent to 600.8 million tons. The company had over 15,500 employees. In 2022, the company's revenue amounted to 275 billion rubles.<ref>{{Cite web |title=ПАО НК "Русснефть" |url=https://www.rusprofile.ru/id/4258164 |access-date=2023-12-26 |website=www.rusprofile.ru |language=ru}}</ref>
== {{anchor|Perspective projects}}Projects == === {{anchor|Development of Shapshinskaya Group of fields in Khanty-Mansi Autonomous Region}}Khanty-Mansi Autonomous Okrug === Russneft's engineering facilities enabled commercial field operations to begin.<ref>Информационное агентство Advis.ru//http://www.advis.ru/php/view_news.php?id=0E8212EB-2BB3-B841-9FD9-16EC84320F3E</ref> In 2019, the Verkhne-Shapshinsky [[Geological formation|formation]] yielded 1.6 million tons of oil, and the Tagrinskoye field yielded 10 million tons.
=== {{anchor|Gas Projects}}Gas projects === Russneft focuses on projects to increase the efficient use of [[associated petroleum gas]] (APG), natural-gas production and gas processing.<ref name="invest-map.ru">Investmap Russia//http://invest-map.ru/news/russneft_uverenno_voshla_s_dolgozhdannym_pokazatelem_95_procentnym_urovnem_utilizacii_poputnogo_neftjanogo_gaza/2015-03-15-1220</ref> Gas utilization in 2019 was 95 percent, meeting the government requirement to reduce environmental impacts.<ref>{{cite web |author= |url=http://promo.ecoindustry.ru/contacts.html |title=Варьеганнефть обеспечивает экологическую безопасность нефтедобычи |language=ru |publisher=Экология производства (журнал) |date=2013-08-06 |accessdate=2016-10-01 |archive-date=2016-10-02 |archive-url=https://web.archive.org/web/20161002023624/http://promo.ecoindustry.ru/contacts.html |url-status=dead }}</ref>
=== {{anchor|International Projects}}International projects ===
In autumn 2006, Russneft signed a cooperation agreement with the Azerbaijani company [[SOCAR]] on the Zyh-Govsani oil project in the southern [[Absheron Peninsula]]. In May 2007, the company obtained 37.5 percent of the [[Binəqədi raion|Binagady]] project rehabilitating old oilfields near Baku.<ref>{{Cite web|date=19 January 2007|title=SOCAR and Russneft sign an Azeri oil PSA|url=https://www.reuters.com/article/energy-russia-azerbaijan-idUKL0391877620061103|access-date=30 April 2021|website=[[Reuters]]}}</ref> Production in Azerbaijan is 500,000 tons from fields such as Binagady, Kirmaki, and Chakhnaglyar.<ref>[http://www.vedomosti.ru/newspaper/article.shtml?2007/06/06/127069 ''Александр Тутушкин.'' Колодцы «Русснефти»] // Ведомости, No. 102 (1876), 6 июня 2007</ref>
== See also == {{Portal|Russia|Energy|Companies}} *[[Petroleum industry in Russia]] *[[List of oil exploration and production companies]]
== References == {{reflist}}
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[[Category:2002 establishments in Russia]] [[Category:Companies based in Moscow]] [[Category:Companies listed on the Moscow Exchange]] [[Category:Energy companies established in 2002]] [[Category:Oil companies of Russia]] [[Category:Russian brands]]