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Rosneft Protests Against OFAC Decision
August 6, 2015 16:41

Rosneft has posted an official statement over the move to include some of its subsidiaries on the sanctions list by OFAC, an agency of the US Department of the Treasury.
“Formal inclusion of some Rosneft subsidiaries in the list of entities that fall under sectoral sanctions is indicative of the ongoing illegitimate practice when the effects of political decisions are being extended to market players not influencing the decision-making,” says the statement.
“The subsidiaries on the List are financially stable and have sufficient liquidity amount to service their debts, as well as to fulfill their contractual obligations,” says the press release.
“Rosneft will continue to protect the interests of its shareholders by all legal means. The Company is creating an accounting system calculating losses from the application of illegitimate sanctions, without reflecting them on the Company balance. Subsequently, the amount of losses will be submitted for reimbursement in court,” the statement goes on to say.
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.
OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments. 
Despite the sanctions, Rosneft is actively working with American companies. RN-Exploration (100% Rosneft subsidiary) and ExxonMobil Exploration and Production Mozambique Offshore Limited filed joint bids to participate in the fifth license round organized by the Republic of Mozambique Institute of National Petroleum (Instituto Nacional de Petróleo), says a press release on the corporate website.
“The global partnership of the companies is of a strategic nature. Rosneft and ExxonMobil have a proven track record of highly successful cooperation at the Sakhalin-1 project, and are each committed to continuing to operate in an environmentally responsible manner in Mozambique if selected. Rosneft and ExxonMobil decided to file joint bids for the participation in the license round for contract areas in the Angoche Basin (A5-A and A5-B) and Zambezi Delta (Z5-C and Z5-D). If successful ExxonMobil will become the operator. The prospectivity assessment for the exploration on these contract areas was confirmed within the cooperation of both Companies’ geological analysis,” reads the statement.
Rosneft has become the world'sleading publicly traded oilproducer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 bln barrels of oil equivalent – among the best indicators for a global publicly traded oil and gas company. Moreover, Rosneft is second-to-none on an international scale in terms of total proved liquid hydrocarbon reserves. The company’s proved reserve-to-production ratio is 25 years.

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Author: Mikhail Vesely

Tags: Rosneft sanctions Russian oil and gas industry   

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