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Rosneft will not lose contracts because of bankruptcy China's CEFC

Rosneft's contract for supplies of crude oil to China concluded with the Chinese company CEFC (currently undergoing bankruptcy proceedings) is out of danger, Vedomosti reported referring to two sources close to different parties to the transaction.

CEFC intended to purchase 14.16% of Rosneft for $9.1 billion. Besides, the company undertook to purchase 10 million tpa of oil for five years. However, the stock acquisition transaction was terminated because of CEFC's financial problems. The Chinese company will be re-structured and split into three, Vedomosti's sources point out.

In particular, the contract with Rosneft will be assigned to a same-name trading subsidiary which will be unbundled from CEFC and transferred to a new owner.

Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves exceed 37.7 billion boe. The company's authorized capital is RUB 105.981 million. It consists of 10,598,177,810 common shares with a face value of RUB 0.01. The company's largest shareholders include state-owned company Rosneftegaz (50%+1 share), BP Russian Investments Limited (19.75%), QHG Oil Ventures Pte. Ltd. (Joint venture Glencore and QIA, 19.5%).

IFRS net profit of Rosneft for 2017 grew by 27.6% to RUB 222 billion. 12-month revenue amounted to RUB 6.014 trillion increasing by 20.6% year-on-year.

"AK&M", 13.06.2018 13:31


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