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Sun, Sep. 14, 10:31 AM
- Russian Finance Minister Anton Siluanov has announced that some of Russia's $85.3B National Welfare Fund, which is meant for infrastructure investments, could be given to major companies that now face constrained access to Western resources and capital.
- Rosneft (OTC:RNFTF) and Novatek (OTC:NOVKY) will be first in line for the financial aid, added Siluanov. Rosneft previously stated last month that it needed 1.5T rubles ($39.7B) in aid from the government to withstand Western sanctions.
- The sanctions are already taking a heavy toll on Russia's economy, with the Bank of Russia revising its economic forecasts last week, stating that if a drop in oil prices accompany the geopolitical tensions, the country's economy could likely stagnate in the next three years.
- ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
Fri, Sep. 12, 12:48 PM
- Exxon Mobil (XOM -1.1%) drifts lower in the wake of expanded U.S. sanctions against Russia, as the new penalties would affect its current Kara Sea drilling with Rosneft (OTC:RNFTF), although the extent of the impact is unclear.
- The Russian Natural Resource Ministry reportedly is saying that foreign companies will find it difficult to return to Russia after sanctions.
- A WSJ analysis says no other western energy company has as much direct exposure to Russia as XOM, thanks to the $3.2B deal giving the company access to a piece of the Arctic that could hold the equivalent of billions of barrels of oil and gas.
Fri, Sep. 12, 10:32 AM
- Sberbank - Russia's largest lender - is added to the sanctions list and will be blocked from accessing U.S. debt markets for financing any longer than 30 days. Five Russian state-owned defense-technology firms are also now under sanction.
- Sanctions now restrict anything other than financial services to five firms in the Russian energy sector, including Gazprom (OTCPK:OGZPY), Lukoil (OTCPK:LUKOY), and Rosneft (OTC:RNFTF).
- ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
Fri, Sep. 12, 3:09 AM
- The EU has agreed to implement its new sanctions against Russia today, but will continue to assess their application based on the "situation on the ground."
- The new restrictions will hit Russia's state-controlled banks and oil companies, but will not include the gas sector, including Gazprom (OTCPK:OGZPY), the biggest gas supplier to Europe.
- The U.S. is preparing its own set of new sanctions, which will be announced by President Obama later today.
- Related tickers: OTC:RNFTF, OTC:AKSJF, OTCPK:SBRCY, OTC:JSCVL
Thu, Sep. 11, 12:28 PM
- Seadrill (SDRL -2.1%) CFO Rune Lundetrae says sanctions against Russia may still affect the $4.25B deal between SDRL, North American Drilling (NADL -5.5%) and Rosneft (OTC:RNFTF).
- NADL and Rosneft rushed to sign five-year contracts for six offshore rigs at the end of July, just days before the EU broadened sanctions against Russia to target its energy sector directly; SDRL, which owns 70% of NADL, said at the time the contracts appeared not to be affected by the restrictions.
- “It’s not necessarily looking brighter,” Lundetrae says, but notes that some of the contracts start as late as 2017 and none earlier than 2015, which reduces the risk for NADL and SDRL.
Wed, Sep. 10, 5:32 PM
- The U.S. and EU are said to be close to imposing the toughest round of energy sanctions yet, which would hit both Russia's energy industry and companies such as Exxon Mobil (NYSE:XOM) that are working with Rosneft (OTC:RNFTF) and other state-controlled companies.
- The sanctions reportedly would ban U.S. and European companies from working with Russia on future oil exploration in the Russian Arctic, deep seas and shale rock formations; the move would go beyond previously reported proposals to widen curbs on technologies for the oil industry.
- The sanctions would not affect current oil production but could imperil the future of existing partnerships, including a deal between XOM and Rosneft to drill in the Arctic Ocean; other vulnerable oil majors would include BP, Shell (RDS.A, RDS.B), Statoil (NYSE:STO) and Total (NYSE:TOT).
Tue, Sep. 9, 10:17 AM
- Rosneft (OTC:RNFTF) produces a world-beating 4M boe/day and earns ~$30B/year, but Reuters writes that times are getting tough for the Russian giant, mainly due to western sanctions that are restricting access to bank financing and technology.
- With a $55B debt pile and plans to invest more than $20B/year to upgrade existing oil fields and refineries, restricted access to foreign bank lending is a big headache for Rosneft.
- The company also is in need of western technology if it is to take advantage of big resource opportunities in Russia, such as in the Arctic and in shale oil and gas.
- Last week, Rosneft reported a 1.3% production drop in August, as production in western Siberia declines.
Tue, Sep. 9, 4:50 AM
- Despite the EU formally adopting a new sanctions package against Russia yesterday, it will delay enforcing them while it assesses whether a cease-fire in Ukraine is holding.
- "Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part," says EU Council President Herman Van Rompuy.
- In response to the new sanctions, Russia has again signaled that it may ban Western airlines from flying over its territory.
- Related tickers: OTC:RNFTF, OTCPK:OGZPY, OTC:AKSJF, OTCPK:SBRCY, OTC:JSCVL
Mon, Sep. 8, 2:17 PM
- Statoil's (STO -1.9%) first well off Norway with Russia's Rosneft (OTC:RNFTF) may be delayed following a Greenpeace complaint that says the well is too close to the Bear Island nature reserve and the polar ice cap.
- Drilling can’t start on the Statoil-operated Pingvin prospect in the Barents Sea until the appeal has been handled this week by Norway's environment regulator.
- The complaint comes as Rosneft, which owns a 20% stake in license 713 where Pingvin is located, faces sanctions due to Russia’s involvement in the Ukraine conflict.
Mon, Sep. 8, 3:09 AM
- New EU sanctions against Russia are expected to be implemented Tuesday, expanding upon previous sanctions introduced in July.
- The restrictions will bar sales of dual-use technologies, bar Russian military companies from EU fundraising and most importantly hit state-controlled banks and oil companies, including Gazpromneft, refining subsidiary of Gazprom (OTCPK:OGZPY), Transneft and Rosneft (OTC:RNFTF).
- Despite a new ceasefire agreed to by Kiev and pro-Russia rebels on Friday, fighting continued to plague two cities in Ukraine's east over the weekend.
- Related tickers: OTC:AKSJF, OTCPK:SBRCY, OTC:JSCVL
Thu, Sep. 4, 2:22 PM
- The EU is preparing to bar Russia’s state-controlled oil companies from raising funds on European capital markets, according to legislation approved by the European Commission and reported by the Financial Times.
- The legislation, which is expected to be approved by EU ambassadors by the end of this week, would hit Rosneft (OTC:RNFTF), Russia’s largest oil group, Gazprom Neft (OTCQX:GZPFY), the Gazprom (OTCPK:OGZPY) oil subsidiary, and probably Transneft, the world’s largest oil pipeline company.
- Other Russian oil groups, such as Lukoil (OTCPK:LUKOY, OTC:LUKOF), appear to be exempt because of their private ownership.
- The ban would add to a similar restriction adopted in July on Russian banks seeking to raise cash in Europe.
Thu, Sep. 4, 7:14 AM| Comment!
Wed, Sep. 3, 3:50 AM
- The European Commission will debate Wednesday to what areas to impose new sanctions against Russia, before sending the list to national capitals for approval at the end of the week.
- New restrictions proposed include expanding the ban on Russian companies accessing the European capital markets and the blacklist of dual-use goods, denying use of European oil companies for deep-sea drilling, and possibly boycotting Russia from hosting the 2018 World Cup.
- Related Stocks: OTC:RNFTF, OTCPK:OGZPY, OTCPK:TNHPF, OTCPK:SAPMF, OTCPK:POFCF
Tue, Sep. 2, 11:58 AM
- Russia Pres. Putin says he may let China have a share in one of the largest Siberian energy projects, the Vankor oil and gas field.
- The Kremlin has been increasing the state's hold of Russia's vast oil and gas resources, driving both local and western energy companies out of developing the large hydrocarbon fields, but the country's oil and gas industry needs money and expertise, and state-controlled Rosneft (OTC:RNFTF), which owned the Vankor field, is keen on accepting foreign companies.
- The West has leveled some sanctions against Russia and is considering more in response to the Ukraine crisis, so the Kremlin is eager to show it has more options eastward.
- Russian gas monopoly Gazprom (OTCPK:OGZPY) in May signed a $400B deal with China that envisages a supply of an average of 38B cm/year of gas for 30 years.
Tue, Aug. 26, 11:57 AM
- Norway is open to Rosneft (OTC:RNFTF) deepening its involvement in the country, as western Europe’s largest oil and natural gas producer seeks to counter a slowdown in investments and output.
- Norway is struggling to sustain oil production which has been cut by more than half since its 2000 peak as producers including Statoil (NYSE:STO) and Royal Dutch Shell (RDS.A, RDS.B) have postponed projects and cut planned investments.
- Rosneft in partnership with Statoil is currently drilling its first well in Norway's Barents Sea, has signed deals to explore blocks in Russia’s Barents Sea and the Sea of Okhotsk, and plans pilot projects for heavy oil in Siberia and shale oil in the Samara region.
- Norway's energy minister says European sanctions against Russia will not be relevant for foreign companies’ participation in petroleum activities or licensing rounds offshore Norway.
Mon, Aug. 25, 7:00 AM
- Statoil (NYSE:STO) highlights that western sanctions against Russia will slow down the process of getting the go-ahead for some of its joint ventures with Rosneft (OTC:RNFTF).
- "This will be a more bureaucratic process, so that things will take more time," warns CEO Helge Lund.
- However, not all projects will be slowed down, as sanctions mainly target shale oil, deep-water oil and Arctic oil production.
- Statoil says it will stand by its 27-month-old partnership with Rosneft and hopes diplomacy will resolve the standoff between the U.S., Europe and Russia over the crisis in Ukraine.
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