Wednesday, April 24th, 2013
On the 22th of April Igor Sechin, Rosneft President, Chairman of the Management Board, held a working meeting with Zhantoro Satybaldyev, Kirghiz Prime Minister. The parties discussed a wide range of issues concerning bilateral cooperation between Rosneft and the Republic of Kirgizia.
During the meeting Igor Sechin and Albek Ibraimov, International Airport Manas President, signed an agreement on mutual cooperation in the sphere of Kirghiz aviation infrastructure development. The parties agreed to create a joint working group in order to work out two independent investment projects for international airports Manas and Osh.
Manas International Airport development program includes modernization of the existing filling station or the creation of a new one on the airport territory, construction of a cargo terminal and a flight catering facility.
Osh International Airport development project includes modernization of the existing airport infrastructure or construction of a new airport and modernization or erection of an airport filling station.
The agreement also contains an item specifying that other companies involved in passenger transportation, cargo air transportation and airport complex management can be engaged into modernization upon the recommendation of Rosneft.
Thursday, January 31st, 2013
Astana, 30 January 2013. JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) held a regular meeting of the Board of Directors yesterday.
At the meeting the members of the Board discussed preliminary financial and operational results for 2012.
The Board of Directors has decided to call an extraordinary general meeting (EGM) of shareholders of the Company on 19 March 2013 with the agenda including election of a new Board of Directors. The current Board of Directors was elected on 26 March 2010 for a period of three years, which expires on 25 March 2013.
Thursday, November 22nd, 2012
A meeting of the Rosneft board of directors was held on November 20. Rosneft’s official statement on the agenda can be found here:
Information on decisions taken by the BoD will be provided in due course.
Thursday, October 25th, 2012
The new Committee of the Board of Directors includes:
- Randall Gossen, the Chairman of the Committee, an independent director;
- Charles Watson, an independent director;
- Vitaliy Artyukhov, an independent director;
- Yury Pustovgarov, an independent director;
- Mukhail Stavskiy, the First Vice President for Upstream and Geology;
- Maxim Andriasov, the First Vice President for Refining and Commerce;
- Valentin Timakov, the Vice President for Personnel Management;
- Radik Fakhretdinov, the Director of the HSE Department.
“The Committee has been created in order to produce recommendations to the Board of Directors concerning the environmental policy, measures for environmental protection, process safety, protecting employees’ life and health, efficient use of natural resources,” stated the Chairman of the Board of Directors Felix Evtushenkov. “This step reflects Bashneft’s commitment to best practices in these spheres, which are crucial for our company.”
The Board of Directors has also made a decision to convene an Extraordinary Meeting of Shareholders of JSOC Bashneft in the form of joint presence on January 17, 2013, and concluded that the list of the persons entitled to take part in the Meeting should be prepared by October 25, 2012.
The Board of Directors has approved the following agenda of the Meeting:
- On the approval of the procedure for holding the Extraordinary General Meeting of Shareholders of JSOC Bashneft.
- On the approval of the Charter of JSOC Bashneft in the new version.
- On the removal of members of the Company’s Board of Directors from office before the end of their term.
- On the approval of the number of members of the Company’s Board of Directors.
- On the election to the Company’s Board of Directors.
- On the removal of members of the Company’s Audit Commission from office before the end of their term.
- On the election to the Company’s Audit Commission.
- On the removal of members of the Company’s Audit Commission from office before the end of their term.
- On the election to the Company’s Audit Commission.
The new version of JSOC Bashneft’s Charter includes the amendments related to redistribution of authority between the Board of Directors and the management after the completion of the Company’s reorganization. The proposed amendments to the Charter will enable Bashneft’s Board of Directors to focus on making decisions on the key strategic issues of the Company’s operations and its legal obligations, while additional authority will be delegated to the management.
Besides, on January 17, 2013, the Extraordinary General Meeting of Shareholders of JSOC Bashneft is to consider the issues of increasing the membership of the Company’s Board of Directors from 10 to 12 persons and electing a new membership of the Board.
The new Board of Directors of JSOC Bashneft is expected to include a larger number of independent directors in line with best corporate governance practice. It is expected that the list of candidates for the new Board of Directors will be approved in December 2012.
Bashneft’s Board of Directors has made a decision that the membership of the Management Board should be increased from 8 to 12 persons and that it should include Ruslan Gensh, the Vice President for Crude Oil Procurement, Marketing and Logistics, Igor Kalyuzhny, the Vice President for Information Technology, Yury Krasnevsky, the Vice President for Geology and Development, and Valentin Timakov, the Vice President for Personnel Management.
At the meeting, the Board of Directors has also considered other issues and has approved a number of transactions related to Bashneft’s day-to-day operations.
Wednesday, October 10th, 2012
Alexander Novak pledges Russian Government will be open to foreign investment
The Russian Government is considering a range of measures to provide greater opportunities for foreign investment in state-owned companies, it was announced today at the Gastech Conference & Exhibition in London.
At a press conference during a specially arranged “Day of Russia” at the conference and exhibition, Mr Novak said that the Russian Government was investigating a series of incentives as well as potential amendments to current legislation. He said this had the potential to provide opportunities for major operators to buy stakes in state-owned companies, or to work in partnership with domestic companies to develop particularly challenging fields.
He said: “For Russia, the oil and gas industry sector is a very important sector that has an effect on federal reserves and the whole economy. Russia is one of the leading producers of gas and we supply gas to many countries.”
Mr Novak said Russia had a role to play in ensuring global energy security and the government was changing its approach and considering a range of “possible mechanisms” to allow private investors to have a stake in Russian organisations, a move which under current legislation must be approved by the Russian Government.
He added they would welcome the “presence and participation” within the Russian energy industry of foreign majors including Total, ExxonMobil and Shell.
A major benefit of Gastech is the opportunity it provides for organisations to collaborate, network and forge new relationships – and in Mr Novak’s presence, a new agreement was signed today between Russian petrochemical company, Sibur, and international chemical group, Solvay, which is headquartered in Brussels. The agreement will see the establishment of Ruspav, a 50/50 joint venture for the production of surfactants and oilfield process chemicals in Dzerzhinsk, Russia.
Tuesday, September 18th, 2012
The Rosneft Board of Directors held a meeting on September 17, 2012 and ruled to call an extraordinary meeting of the Company’s shareholders, which is to be held on November 30, 2012 in Khabarovsk, Russia.
There were five items on the meeting agenda:
- Distribution of the Company’s 2011 profits.
- Additional dividend payments for 2011.
- Early termination of the powers of all members of the Board of Directors.
- Election of members of the Board of Directors.
- Approval of related party transactions.
Regarding items 1 and 2, Rosneft Board of Directors also proposed that an additional 43.2 billion rubles be paid as dividends. This would bring the total net profit paid as dividends for 2011 to 79.8 billion rubles (25% of IFRS net profit) and the total dividend payment to 7.53 rubles per share (considering the June 20, 2012 decision of the general shareholders’ meeting approving this dividend amount). An additional dividend of 4.08 rubles will be paid per share.
The list of those entitled to participate in the extraordinary general meeting of Rosneft shareholders will be drawn up as of COB on September 21, 2012.
The Board of Directors set the final date for accepting voting ballots, as well as confirming the addresses to which completed ballots can be sent and the procedure for informing shareholders about the general meeting.
Tuesday, July 31st, 2012
A regular meeting of the Board of Directors of OAO TATNEFT chaired by R.N. Minnikhanov, President of the Republic of (Republic of Tatarstan) on July 30, 2012.
The meeting discussed the outcome of the budget execution of OAO TATNEFT for the first half of 2012 and approved the budget for August of this year.
The Board of Directors discussed the information on the introduction of modern technologies of production processes automation in oil production and refinery complexes. It was pointed out that today virtually all the stages of the production at the Company are equipped with effective information systems starting with the automation at the crew level and finishing with corporate systems at the top management level. The mentioned complexes have been integrated within a single information space, which makes the overall management of the Company more structured, transparent and efficient.
A report on the implementation of the Company’s environmental program was also presented to the meeting participants.. The work on compliance with the environmental requirements becomes the one of particular importance in a situation of the environmental law enforcement. Currently, there is the third “Environmental Program” being implemented at TATNEFT, which provides for performance of large-scale activities aimed at air and mineral resources protection, as well as rational management of water and land resources. The ecological situation within the Company’s activity territory complies with all the regulatory requirements.
Monday, July 30th, 2012
A Board of Directors meeting of OAO TANECO chaired by Farid Davletshin, Head of the Investment Department of OAO TATNEFT, was held on July 27.
The first item of the agenda was the production plan execution for the last month and plans for the next one. The amount of 622,700 tons of crude oil was processed in June 2012. 615,089 tons of petroleum products were produced. The Board of Directors approved the plan of raw materials processing and products output for August 2012.
Further on the information was presented on the status of accounts receivable and payable, settlements with contractors for the construction and installation works performed, and also the data on the budget revenues and expenditures.
The meeting also considered a number of other issues of the Company’s financial and economic activities.
Tuesday, July 3rd, 2012
A meeting of the Board of Directors of OAO TANECO Chaired by Nail Maganov, First Deputy General Director – Head of URNiN Department of OAO TATNEFT was held on June 28.
The main agenda item was the issue on the production plan implementation in May of the current year. The volume of 665,341 tons of crude oil was processed in the operation and comprehensive testing the optimized start-up complex of phase 1A1 facilities. Operations during the period under review resulted in production of 9,764 tons of NGL, 90,971 tons of straight-run gasoline, 216,673 tons of domestic furnace fuel, 14,499 tons of low-viscosity marine fuel, 175,795 tons of heating fuel oil, 154,847 tons of vacuum gas oil, 8,202 tons of visbreaking naphtha, 423 tons of sulfur and 4,763 tons of hydrocarbon gas for the fuelling network.
Production capacity utilization of CDU-VDU-7 exceeded 104 percent versus the design figure with the processing conversion depth exceeding 72 percent and the yield of light oil products amounting to about 49 percent.
The Board of Directors approved a plan of raw materials processing and products output for July 2012.
Information about the budget formation for the coming month and the budget execution for the past month was presented to the meeting. Members of the Board of Directors approved the feasibility and the financial performance figures of OAO TANECO in 2012. The main objective pursued by the Company is to continue bringing all the first start-up complex facilities to the mode of a stable and reliable commercial operation, increasing the crude oil processing depth and fulfillment of the planned targets for production of quality petroleum products.
The Board of Directors also considered a number of other issues of financial and economic activity of OAO TANECO.
Wednesday, May 30th, 2012
KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its Annual General Meeting and Board of Directors meeting.
The shareholders approved the Financial Statements and the Annual Report for 2011. They also approved for 2011 a dividend of 1,300 Tenge (including taxes to be withheld in accordance with the legislation of Kazakhstan) per one ordinary and one preferred share of KMG EP. The total dividend for 2011 will be about 91 billion Tenge (approx. US$615million).
The approved dividend represents a 62.5% increase in dividend per share compared to the previous year and is the highest amount per share since IPO in 2006. The payment of the annual dividend for 2011 will be made to shareholders of the Company as per the share register at 00:00, June 11, 2012 and will commence on July 16, 2012.
The Board of Directors decided to increase the Company’s capital expenditures in 2012 by 15.4 billion Tenge (US$104 million ) from 126.5 billion Tenge (US$852 million) to 141.9 billion Tenge (US$955 million). Of this, about 13.4 billion Tenge (US$90 million) will be allocated to the program of modernisation of production infrastructure, in line with previously announced plans, aimed at improving work conditions and ensuring the sustainability and efficiency of KMG EP production in the future. Other 2.0 billion Tenge (US$14 million) will be allocated to the goal of production stability, as well as compliance with environmental and safety standards. Also, it is planned to increase the number of well repairs in Uzen field by 144 wells. The revised budget for 2012 is based on the oil price of US$90 per barrel.
The Company’s 51% holding in LLC KPI was sold in April 2012 and as a result the anticipated investment of 6.1 billion Tenge (US$41million) has been removed from the Company’s budget.
The Board of Directors has also approved the transfer of rights under the subsoil production contract #40 on development of Uzen and Karamandybas oil fields in Mangistau region to JSC Ozenmunaigaz from 1 July 2012.
The Board of Directors has also decided on early repayment of KMG PKI Finance BV debt amounting US$254 million, in the period of up to July 6, 2012, arising from the acquisition of 33% stake in PKI Inc. closed in December 2009.
In addition, the powers of board member Sisengali Utegaliyev were terminated at the Annual General Meeting and Timur Bimagambetov was elected as a new member of the Board of Directors of the Company for the term as a whole.
The company is also pleased to announce that the drilling on the White Bear structure where KMG EP owns 35% stake in the license started last week. Other partners include BG Group and Maersk Oil UK with stakes of 45% and 20% respectively.