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Rosneft President Takes Part in Sochi International Investment Forum

27 September 2013

Rosneft’s President and Chairman of the Management Board Igor Sechin took an active part in the work of the international investment forum in Sochi.

Speaking at the plenary session, the Company head elaborated on the sector’s largest investment program, run by Rosneft. “The recent changes in the taxation of offshore and tight oil projects have created favorable conditions for investments. Our estimates of the total investment through 2022 exceed 9.5 trillion rubles, more than 80% of which will be spent on hydrocarbon exploration and production, including as part of offshore and new East Siberian projects,” he said.

For instance, geological surveying on land will enjoy an investment of 6 trillion rubles until 2022, including 2 trillion rubles in new fields.

The company will earmark some 2.1 trillion rubles for offshore projects. Under the optimistic scenario, offshore developments may ensure an incredible growth of the company’s resource base by more than 42 billion tonnes of oil equivalent.

For example, Rosneft specialists believe a unique field with 3.5 billion tonnes of liquid hydrocarbons and 11.4 trillion cubic meters of natural gas will be discovered in the Kara Sea alone.

The refining business will expectedly see an input of more than 1.3 trillion rubles from 2014 to 2022.

Share redemption of TNK-BP minority shareholders was also discussed at the plenary session.

“Despite there are no legally binding commitments to buy out shares from minority shareholders on the part of the company, we will fulfill your task,” Igor Sechin told the Prime Minister of Russia, noting that Rosneft would set the price on the basis of the weighted average market price of a share for the past year and a half.

The purchase of shares will be conducted on “fair terms, which will be coordinated with international experts in order to take into account the interests of minority shareholders,” Mr. Sechin maintained.

“The Rosneft board of directors will discuss the issue and make the decision in the very near future,” he emphasized.

The company president signed some important agreements at the international economic investment forum in Sochi. For instance, Rosneft and ExxonMobil Russia reached a deal on the development of the LNG plant in the Far East. Igor Sechin and Exxon Mobil Russia’s President Glen Waller signed the agreement for the selection of a contractor to design and develop the LNG facility in the Far East. Later on, Mr. Sechin and his ALROSA counterpart Fedor Andreev put their signatures under the agreement to take over ALROSA’s gas assets, including Geotransgaz, Urengoy Gas Company, Alrosa-Gas, and Ireliakhneft. Both agreements were signed in presence of Russian Prime Minister Dmitry Medvedev.

Apart from that, Rosneft’s President and Chairman of the Management Board Igor Sechin and the heads of Rostov, Saratov and Krasnodar regions and the Russian internal republic of Ingushetia signed agreements, seeking to expand social, economic, industrial and infrastructural projects in these regions of Russia.

Rosneft Information Division
27 September 2013

Keywords: International Investment Forum, Rosneft President, Sochi