The 2016: Oil deal – predictable, mysterious, sensational

The 2016: Oil deal – predictable, mysterious, sensational


Moscow. 30 Dec. No matter what year turned out to be neither fat or boring, the oil industry always has brilliant stories. Unconditional Skirmisher key events of the year – growing “Rosneft”. But her fellow musicians are able to burn not only associated gas: for example, “RussNeft” has decided on something that was not that long ago in the domestic oil industry – the IPO.

In the past year in our country has become one oil company less. Bashneft has consolidated the trend of recent years – it has come to the attention of “Rosneft” and it was purchased. Market another gain “Rosneft” has reacted with indifference, although at the beginning of privatization of “Bashneft” has kindled hopes on private investors. But everyone is aware of the cyclical nature of the economy, so everything will return to normal, just takes time.

Bashneft, farewell!

Economy12 Oct 2016 Bashneft is rapidly sold. To obobscheniyami read more

Prelude to purchase Bashkir company has promised an exciting performance: controversy raged about the different types of state-owned companies, potential buyers focus the money, there were candidates for purchase with high connections and Australian roots. The authorities managed to start the intrigue with the list of applicants. But the ending turned blurry and dull-predictable. At some point it became clear that the buyer is the one, the only, and above it to pay for the “Bashneft” nobody will dare.

Directing the deal “Bashneft” was of the highest level: the leaders of the country have personally started the all-Russian privatization, was personally involved in the suspension and subsequent restart of the sale of the oil company. President Vladimir Putin gave a rare but important cues during the play. Administrative resources, perhaps, prevailed over business logic: however, when large-scale privatization was different?

When it was over, the principal actors in the events were not even particularly share. Little Bashneft quickly disappeared in a synergistic merger: its production was a pleasant compliment, and processing best resource for Rosneft. A small redistribution of flows does not actually impact on the relevant markets. And only “LUKOIL” , the key partner of “Bashneft” on a number of projects, we have a little nervous.

Left open several important questions concerning the “Bashneft”. For example, how seriously could shrink the company’s staff in Moscow and Ufa? Or claim what level can show the former management of “Bashneft”, is promptly fired by the new owner? Or sell the authorities of Bashkiria Rosneft its stake in Bashneft? But in General the oil industry is already resigned to another absorption. Goodbye, “Bashneft”! Interesting was the company.

RussNeft: the public, more liquid

The economyon 26 November 2016IPO RussNeft – words Gutseriev, music Pauls, performed by an unnamed investoritele read more

For the sale of “Bashneft” was followed by another significant event in the oil industry. For the first time in ten years after “Rosneft” the largest oil company held an IPO: the Gutseriev family-Shikhanovich – sold on the “Moscow stock exchange” 20% of the ordinary shares of the company (15% of the share capital).

Thoughts to bring the company to the stock exchange, the founder and owner of the company Mikhail Gutseriev was many years ago, but only this year – not the most favorable in the economy, the company – RussNeft seriously start preparing for this event.

For half a year “RussNeft” transferred to the head company of more than 40 licenses with their “daughters” has combined several of its structures, transferred to the balance assets of Azerbaijan, held three additional issue.

But, despite active preparation, during the placement, not everything went according to the original plan Gutseriev – the company’s stock market was estimated at twice below his expectations, and at the last moment it was decided to increase the placed stake to get the very 32,4 billion rubles.

He repeatedly said that proceeds from placement of shares of the funds will go towards the purchase of new assets – it seems to be implied that “RussNeft”. And after just two weeks after the release of the company on the stock exchange, the group Safmar, representing the interests of members of the family Gutseriev-Shikhanovich buys retailer “Eldorado”, and a few days to announce the acquisition of a stake in M. Video . So purchase any of assets was planned to allocate funds from the IPO?

Economy14 Dec 2016Структуры Gutseriev buys controlling stake in M. Video Read more

Still also a question, who are these so carefully, still hiding the investors who bought the shares of “RussNeft”? Market participants kept whispering that they could be the structures close to the Gutseriev family-Shikhanovich, including pension funds. However, as it turns out, pension funds are by law not even had the right to participate in the purchase of shares, the share of “physicists” of the total number of investors was only 10%, and many well-known management companies are simply not interested in the asset.

One thing is clear – he has high hopes for its business in the oil industry, in parting – formally or not – with his share of the company. Why are only plans to increase oil production within three years 1.4 times. In addition, in the spring of the coming year “RussNeft” can be a lot more, attaching itself to the assets of “Forteinvest” (production of 500 thousand tons), whose head is the son of Mr. Gutseriev said Gutseriev. But the idea to attach the “Neptis” with a production of 7 million tonnes of oil and recoverable oil reserves of more than 244 million tons, which was to go to IPO in the structure of “RussNeft”, the businessman somehow got shelved.

Perhaps after some time, the market will see a great and the most liquid company that will go to the international listing and will expand the circle of investors, which in Russia there are not so many.

Rosneft: only the beginning?

Economics07 Dec 2016Консорциум Glencore and Qatar’s sovereign Fund bought a 19.5% stake in Rosneft Read more

It seemed that the sales in 2016 to 19.5% of the state package of “Rosneft” in the market practically nobody believed, especially after the stalled in the summer of privatization of “Bashneft”, despite the fact that the budget urgently needed the money. The arrest of the Minister of economic development Alexei Ulyukayev, who was in the centre of the sales process from both companies, a month before the deadline for the implementation of a package of “Rosneft” made the upcoming deal is almost unthinkable. But the impossible was possible. Affected including the unusual structure of the transaction: seller was “Rosneftegaz”, that is, in fact, itself “Rosneft”.

In 2006, during the IPO of the Rosneft shareholders were foreign investors, the largest of which BP accounted for almost 20% of the shares. And now, 10 years later, this focus failed to replicate. With the difference that the trick was much more difficult: had to sell under the sanctions, the consortium of buyers, one of whom almost no money.

Economy26 Dec 2016″Vedomosti” found out about the new potential shareholders of “Rosneft”Read more

30 negotiations with potential investors undertaken in strict secrecy (none of the media failed to find out the details of the transaction prior to its conclusion), ended with the announcement of the sale at the meeting of Vladimir Putin with CEO of “Rosneft” Igor Sechin on December 7. It turned out that the purchasers of the shares of “Rosneft” on an equal footing will be the Swiss trader Glencore and sovereign wealth Fund of Qatar (Qatar Investment Authority, QIA) that invest in deals only 2.8 billion euros, and the rest, i.e. about 7 billion euros, will give banks.

Upon closer inspection, it turned out interesting details. So, before the sale of the Russian Federation canceled the qualification requirements for new investors in Rosneft, which provided for the continuation of the package in the next three years, which made it possible to attract “fast money” and the subsequent resale of the shares. In addition there was a reduced price deal. If the original sale price was determined in 710,8 billion, then it was adjusted to 692,39 billion. Although taking into account the interim dividends of the parent company “Rosneft” “Rosneftegaz”, which was included in the perimeter of the transaction, the budget will receive the same 710,8 billion. This is 7.3 billion more than budgeted in 2016 from the sale of the package, paying attention as Rosneft and the Federal property management Agency.

Just a couple of days after the announcement of the transaction has information that the Italian Bank Intesa Sanpaolo, which should participate in financing the purchase, only “continues to study” the opportunity, and Glencore and QIA can sell his share. One of the possible interested parties called the Arab Fund Mubadala. So in the new year at “Rosneft” there can be new shareholders that wanted to become co-owners of the largest Russian oil company, but was unable to negotiate the purchase of shares of a Russian company within the established deadlines.

In any case, the money for “Rosneft”, said President Vladimir Putin at the final December press conference, has already arrived in the budget. So what’s the difference – whose are they? Now it is public domain, as, of course, and itself “Rosneft”.

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