Harsh and merciless – Russian oil

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Суровая и беспощадная - российская нефть

Few people watched as the oil industry’s biggest players appetizing ate small. I, as a devoted fan of all of the energy business, notably in the Russian oil and gas, watched all the UPS and downs of the market.

A gripping situation and to this day happens with the “Bashneft” and a related litigation between AFK “System” and “Rosneft” (nationalized “Bashneft” the state was redeemed by “Rosneft”, accusing ruled Bashneft “System” in the infliction of damages).
Every article about “Bashneft” now ends the same way: “now Rosneft is trying to recover in the court of AFK “Sistema” 170 billion“.
Which is half of the money spent on the purchase of “Bashneft”. Apparently, Rosneft plans by all means to return the money paid to the state.

Here is the latest news about “Bashneft”: “Kommersant” reports that the financial Director of the company resigned from his post.
And the reason could be differences due signed by ex-Director of a business plan for the year 2018, the joint venture of Bashneft and LUKOIL (“Bashneft-Polyus”). According to sources, Rosneft is unhappy that a business plan is allegedly more responsive to the interests of LUKOIL.

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In fact, LUKOIL has the necessary infrastructure for rapid and effective development of the field. That would be a good example of cooperation, which is peculiar to the normal working of private business. Business of LUKOIL and AFK “System”, which is now under such pressure that did not even exist. But the way the business is not today. After all, LUKOIL – also a private company, and even oil. And it squeezed. Someone again afraid of competition?

LUKOIL asked from the project. While “Bashneft” there were capital commitments in the amount of 106 billion. Apparently, so necessary for the company to pull the project alone.

This amount is close to the claim of “Rosneft” to AFK “System” – that’s the magic of numbers. And here’s another focus – based on reporting of the whole Group Rosneft capital commitments has also grown, and also at 106 billion rubles. It turns out that all investments of the group will carry out only “Bashneft”? Is this its main purpose?

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Recently, Bashneft reported IFRS (international reporting standards, roughly speaking, a European standard, similar to our accounting), which indicated that “the markets of developing countries, including Russia, are subject to economic, political, social, and legal and legislative risks”.
So the company itself describes the situation in the country. It is a pity that “Bashneft” did not specify the nature of such risks, and where they appear. It is a pity that market players are not responsible for this attitude to Russia and to the budget, because of the success of the operation depend on tax revenues and dividends.

 

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