Viewpoint
A Russian monster arrives
The
Guardian, Thursday July 13th, 2006 |
A Russian monster
called Rosneft arrives in London tomorrow, and its arrival is not to be
applauded. Conditional dealings in the oil giant will get under way on the
London Stock Exchange despite the fact that Rosneft's main assets were allegedly
seized from a rival by Vladimir Putin's government and it may not therefore
legally own its assets, that it faces years of litigation in many countries and
that the Sarbanes-Oxley corporate governance rules in the US mean it would not
have been allowed near Wall Street. But, it is now clear, the City of London and
the FSA, through its listing authority, has lower standards. The FTSE 100 may
once have been reserved for blue-chip companies worthy of inclusion in our
pension funds, but with Rosneft among the biggest UK-listed companies, that is
obviously no longer the case. |
Rosneft
priced at top of range *Shares not expected to be issued
below $7.15 *Successful placing to value company at $73bn
Financial
Times, Thursday July 13th, 2006 |
Rosneft, the
state-controlled Russian oil company, yesterday gave a bullish assessment of its
initial public offering, telling investors they would have to bid at the upper
end of the price range. The order book, which was oversubscribed, has closed and
bankers working on the deal said they would not price the deal below $7.15 a
share, near the top of the initial $5.85-$7.85 range. |
Russian Oil Firm IPO Ends
Early; Foreign Interest in Rosneft Seen as Victory for Putin
The
Washington Post, Thursday July 13th, 2006 |
On the eve of the
Group of Eight meeting in St. Petersburg, President Vladimir Putin's government
appeared to have notched a victory as institutional investors and international
oil companies flocked to a stock sale by Russian state-owned oil company OAO
Rosneft. Rosneft ended its initial public offering for about 20 percent of the
company a day early and appeared poised to raise about $11 billion, sources
familiar with the deal said yesterday. |
UK investors set to sue
Kremlin over flotation of state oil giant Rosneft
The
Independent, Thursday July 13th, 2006 |
The controversial
flotation of Rosneft, the state-owned Russian oil company, is facing the threat
of legal action from at least one major UK institutional investor, it has
emerged. Lawyers representing former shareholders in Yukos, whose main
production asset Yugan-skneftegaz was allegedly expropriated and handed over to
Rosneft, said they were speaking to several UK investors about claiming
compensation under a bilateral investment treaty between Britain and the Russian
Federation. |
IF YOU HOLD YOUR NOSE,
ROSNEFT HAS NO SMELL
The
Evening Standard, Thursday July 13th, 2006 |
AND now for this
week's special offer. No, not Standard Life, but a business worth 10 times as
much. It's the flotation of Rosneft, the Russian oil business that has risen
without trace to become one of the biggest in the world. Rosneft is no ordinary
oil company. The likes of BP or Shell build up reserves painstakingly over
decades, but Rosneft's fabulous assets were confiscated by the Russian state
from another dodgy domestic oil company, Yukos (whose boss now resides in the
slammer) only last year. Oh, sorry, not confiscated; they were auctioned to pay
a tax bill. Despite the quality of the goods, Rosneft was the only bidder.
Funny, that |
Financial: Russians sign up
for $500m of Rosneft in the country's first public
privatisation: Gorbachev hails oil group flotation as 85,000
join in: Yukos has six more days to halt $10bn deal
The
Guardian, Thursday July 13th, 200 |
The Russian public has
taken a $500m bet on the controversial oil group Rosneft in the first
privatisation in which individual investors have been allowed to participate.
Rosneft will take a final decision today on the price for its shares but keen
interest from small and large investors - including BP - has raised expectations
they will be pitched at the top end of the $5.85 to $7.85 range. That could
raise up to $10bn (pounds 5.45bn) and value the whole company at $80bn, making
it the biggest oil group in Russia. |
BP to take $1bn stake in
London flotation of oil giant
Rosneft
The
Independent, Wednesday July 12th, 2006 |
BP is set to defy
critics of the controversial Rosneft flotation by taking a stake worth about
$1bn (£540m) in the state-owned Russian oil producer. The decision by Britain's
biggest company to become a strategic investor in Rosneft will be a huge fillip
to the Kremlin, which is desperate to attract support for the share listing from
Western oil companies. But opponents of the flotation said last night that
BP had "a gun to its head" because of its existing oil interests in Russia,
which would have been compromised had it decided not to back the Rosneft offer |
YUKOS THROWS DOWN THE LEGAL
GAUNTLET OVER
ROSNEFT'S
F LOAT
Daily
Mail, Wednesday July 12th, 2006 |
awyers for Yukos, the
former owner of Rosneft's main production unit, are gearing up to challenge the
Financial Services Authority in court if it approves the flotation. They believe
that the FSA would be violating its anticrime remit if it admits Rosneft to
London's official list. While the price on the float is expected to be set by
Friday, the legal issues surrounding it are likely to delay any FSA approval
until next week. A judicial review could lead to further delays |
Rosneft
float gets go-ahead
The Daily
Telegraph, Wednesday July 12th, 2006 |
The Financial Services
Authority sent a letter to Yukos saying it would not stop the listing of Russian
oil company Rosneft on the London Stock Exchange. Yukos claims Rosneft was
largely created from assets stolen from the group. Lawyers representing
Yukos's founder, Mikhail Khordorkovsky, told The Daily Telegraph last week that
the proposed GBP 6.3bn flotation was "against the rule of law''. The FSA
declined to comment. |
Rosneft poised for IPO triumph, despite whiff of scandal
AFP Tuesday July 11,
03:47 PM |
State oil
giant Rosneft, closing a book filled with subscriptions for Russia's
biggest-ever initial public offering of shares, appears to have won over
investors despite a lingering whiff of scandal over how the firm became the
behemoth it is today. Rosneft was expected to announce Friday a final price for
its subscribed shares, giving a more precise picture of how successful its
Kremlin (Munich:
513350 -
news)
-backed IPO has been. Rosneft shares will then begin trading on the London and
Moscow stock exchanges from July 19. But according to several sources, demand
for subscription to the new Rosneft shares has outstripped supply and the IPO
operation looks set to be a resounding success despite bearish markets."The book
is now oversubscribed and is still gaining momentum," a spokeswoman for one of
the banks advising Rosneft said last week. |
BP still mulling stake in
Rosneft
The Herald, Tuesday July 11th,
2006 |
BRITISH oil major
BPwas last night still mulling overwhether it would be investing in the
forthcoming dollars-11bn-plus flotation of Russia's number three oil company,
Rosneft. The flotation of Rosneft is set to be the largest by a
Russian company and could give it a market worth of some dollars-71bn, just
below the dollars-72bn valuation of its rival, LUKOIL. The close attention of
foreign oil companies such as BP, China's CNPC, India's ONGC, and Malaysia's
Petronas, has accelerated interest in the initial public offering. Sources close
to Rosneft have indicated that BP, CNPC, and Petronas have already placed
orders for stock. Those sources suggested BP, which owns a half-share in
Russian venture TNK-BP, has ordered dollars-2bn of stock. |
|
A £6bn London
flotation, a Russian oil company - and a question of morals
The Independent, Monday July 9th, 2006 |
This week
the London Stock Exchange will play host to one of the biggest share sales on
record. But the £6bn flotation of Rosneft, a state-owned Russian oil producer,
will not only be huge, it will also be massively controversial. Apart from
the sheer size of Rosneft - it will have a stock market value of about £38bn -
one other thing marks it out from other public listings. Critics of Rosneft, and
they include the billionaire investor and philanthropist George Soros, claim the
company has been built on assets stolen by the Kremlin from another set of
shareholders. Allowing Rosneft to list its shares here will therefore legitimise
that act and undermine London's reputation as one of the world's leading
financial centres. |
Rosneft poised for
successful IPO in London and Moscow
The Business, Sunday July 9th,
2006 |
ROSNEFT, Russia's
state-owned oil giant, is set to make a successful debut on the London and
Moscow stock exchanges this Friday on the eve of the G8 summit in St Petersburg,
despite being valued at less than had been hoped. President Vladimir Putin, who
is hosting the world leaders summit on energy security, has been anxious that
Rosneft's initial public offering (IPO) would attract western investors, despite
controversy in the run-up to the flotation. According to sources involved in the
IPO, the issue was about 1.5 times oversubscribed. Russian and international
institutional investors were said to have pitched their offers for the shares at
a level giving Rosneft a value of about $65bn (E50.7bn, £35bn), far short of
the $80bn valuation the company's management had hoped for |
$1.3bn legal blow for
investors as Rosneft comes to market
Independent On Sunday, Sunday July
9th, 2006 |
OIL_More controversy
for Russian giant as Total damages claims overshadow this week's float in London
and Moscow Russian oil giant Rosneft, whose controversial flotation takes place
this week, faces $1.3bn (£700m) worth of legal claims from French company Total
over a disputed joint venture. The row is over the huge Vankor fields in
East Siberia, which make up around 15 per cent of Rosneft's total estimated
commercial reserves. The dispute could scare off China National Petroleum Corp (CNPC),
which is interested in buying a stake in Rosneft. It is thought that CNPC will
buy shares only if it is given a stake in one of Rosneft's fields, with Vankor
high on its shopping list. |
Rosneft set to cover $8.5bn
IPO minimum OIL & GAS
Financial Times, Friday July 7th,
2006 |
Sizeable orders from
oil companies as strategic investors have helped Rosneft, the Russian oil group,
attract enough demand to cover the minimum $8.5bn (GBP 4.6bn) out of the total
$10bn to $11.7bn it is seeking from its initial public offering. A week away
from its listing, China National Petroleum Corp and Petronas, the Malaysian
state oil company, are thought to be the closest to taking stakes in Rosneft's
IPO. BP, Europe's biggest energy group, is believed to be waiting for the other
international strategic investors to emerge and further clarity on pricing
before making a decision. |
Rosneft flotation 'fully
subscribed', claim advisers
The Independent, Friday July 7th,
2006 |
Advisers to Rosneft
claimed yesterday that the controversial $ 10bn(£5.4bn) flotation of the
state-owned Russian oil company on the London and Moscow stock exchanges had
been fully subscribed after a surge in interest from investors. A spokesman said
that the book was now "slightly more than fully covered" but declined to say at
what price. Rosneft, which is planning to float between 13 and 19 per cent of
its shares, will fix the price next Thursday. Dealings are due to commence on 19
July. |
Rosneft/strategic investors
Financial Times, Thursday July
6th, 2006 |
With friends like these, who cares about enemies?
The risks associated with Rosneft understandably unnerve investors. In response,
the oil giant and its Kremlin backers are courting a handful of heavyweights to
take strategic stakes. Petronas of Malaysia, the Chinese government and BP are
all reported to be interested. Bringing in strategic investors to help
underwrite privatisations is nothing new. BP bought a fifth of PetroChina's
flotation back in 2000. BP made a big profit on its stake when it sold out in
2004, but the rationale for these deals is all about getting access to markets
and undeveloped resources. |
PULL THE PLUG ON ROSNEFT'S
LONDON FLOAT, URGES SOROS
The Evening Standard, Thursday
July 6th, 2006 |
LEGENDARY international financier George Soros
waded into the Rosneft float controversy today, saying the Russian oil giant
should not be allowed to go ahead with its London listing. Speaking at the
London School of Economics, Soros said: 'It's an issue that should not be
allowed to proceed.' Citing 'serious ethical issues' over how the Russian
government seized assets in the Yukos oil company to build up Rosneft, Soros
also raised worries about how Russia might use its new-found economic might.
|
BP bides its time in joining
Rosneft float
Financial Times, Thursday July
6th, 2006 |
BP, Europe's biggest energy group, was yesterday
waiting for other international strategic investors to emerge before taking any
large stake in the listing of the Russian oil giant Rosneft. The oil group is
warming to the idea of participating in the offer, though it has not made a
preliminary bid to take part. However, it is believed that last week's concerns
over pricing continue to linger and are likely only to be resolved closer to the
listing, expected at the end of next week. With the shares priced at between
$5.85 and $7.85, the offer will raise $10.7bn (GBP 5.8bn) to $11bn with listings
in London and Moscow. The flotation would value Rosneft at up to $80bn. |
Rosneft IPO tempts big
rivals despite political risks Some of Asia's largest oil
companies are at the front of the queue for shares in the
controversial Russian oil giant, writes Enid Tsui
Financial Times, Thursday July
6th, 2006 |
When Rosneft announced it planned to hold what
could become one of the world's largest initial public offerings in years, it
was met with scepticism by global investors. So much so that there was concern
that the debt-laden Russian oil giant's plan to raise up to $11bn (GBP 6bn) was
in danger of becoming an embarrassing flop. Bankers familiar with the sale
process believe Rosneft is likely to earmark no more than $4bn of the offering
for strategic investors, which in addition to the Asian companies will also
include some big western oil companies. But a commitment from some of Asia's
largest and most powerful companies, and possibly BP, is expected to act as a
strong vote of confidence in the IPO. |
OIL MAJORS MAY RESCUE
ROSNEFT IPO
Daily Mail, Wednesday July 5th,
2006 |
ROSNEFT'S bankers are busily talking up interest
from other oil majors in its forthcoming flotation in an attempt to boost its
sale price. Hopes that companies such as Britain's BP, Malaysia's Petronas or
China's Sinopec will take a stake in the IPO could help to counter a worrying
lack of demand from western institutional shareholders, sources say. |
China National Petroleum
eyes $3bn stake in Rosneft
Financial Times, Wednesday July
5th, 2006 |
China National Petroleum Corp is considering
buying a stake worth up to $3bn (GBP 1.6bn) in the initial public offering of
Russian oil giant Rosneft, as part of China's strategy to improve access to
Russia's oil sector. Rosneft, which hopes to raise $10bn-$11.7bn through
listings in London and Moscow at the end of next week, is understood to have
been in formal discussions with at least four oil companies. |
|
BP boss ready to invest in Rosneft if price is right:
Champion of ethical capitalism 'open-minded' Russian oil
firm will float in Moscow and London
The Guardian, Tuesday July 4th, 2006 |
Lord Browne, the BP
chief executive who has championed the cause of ethical capitalism, is willing
to invest in the controversial flotation of Russia's Rosneft - if the price is
right. The boss of Britain's biggest company has not decided yet whether to take
a stake in the initial public offering to raise $11bn (pounds 5.9bn), but BP
sources said reputational risk, while being considered, would not be paramount. |
CHINA
NATIONAL PETROLEUM TO BUY INTO ROSNEFT FLOAT
The Evening
Standard, Tuesday July 4th, 2006 |
CHINA National Petroleum Corp is set to spend up
to $3 billion (£1.6 billion) to buy into the Rosneft initial public offering of
shares in London, according to insiders. |
European Markets Outlook: European IPOs see
rocky period
The Wall
Street Journal Europe, Monday July 3rd, 2006 |
With markets showing signs of recovery, two
issues this month will give bankers an early indication of whether money
managers are ready to buy into new offerings again. U.K. insurer Standard Life
Assurance Co. is looking to raise GBP 1.1 billion ($2.03 billion) when it prices
its IPO on July 10. Investors say Standard Life is a recovery story with a
strong brand and is a potential takeover target. Nonetheless, many expect the
deal to price at the lower end of the revised proposed range of 210 to 270
pence. Three days later, Russian oil giant OAO Rosneft wants to price
$11.65 billion in shares. The sale is a referendum on the Kremlin's takeover of
the country's energy industry as much as it is on the appeal of emerging
markets, which have been hot, even after taking the quarter's plunge into
account. So far, there is little sign that investors are boycotting the sale.
|
Rosneft's IPO documents come with a wealth
warning
Financial
Times, Monday July 3rd, 2006
(Letter to Editor) |
One could only hope that our financial
institutions, pension plans and insurance companies take the Risk Factors
section of Rosneft's initial public offering documents to heart ('Rosneft rolls
out litany of risks', June 27). Even if one were to ignore the morality of
helping Rosneft wash its assets - from absconded property to CPA-certified
assets - by clothing them with the legitimacy of a London offering, one should
not easily ignore the warnings the company's and bankers' attorneys have so
kindly given. |
Rosneft IPO a bonanza for bankers
Daily
Mail, Thursday June 29th, 2006 |
RUSSIA'S controversial Rosneft floatation is
proving to be a bonanza for investment bankers. The oil giant's IPO - one of the
biggest in history - is expected to generate fees of £66m for 26 banks working
on the deal. Morgan Stanley, ABN Amro and JP Morgan are among the players that
will share the spoils. |
|
Rosneft flotation could
prove to be a fatal attraction
Financial Times, Tuesday June
27th, 2006 |
It is not every day
that London sees the flotation of a Russian oil giant the size of Rosneft. But
does this mean investors will readily swallow the company's punchy $60bn-$80bn (GBP
33bn-GBP 44bn) valuation? Rosneft's attractions are not in dispute. The company
has vast and high quality oil reserves, coupled with an aggressive development
programme. Investors also expect the state-controlled company to receive
preferential treatment from the Russian government, either in future auctions of
oil exploration licences, or in access to export pipelines. |
ROSNEFT'S RISKS - QUOTES
FROM THE PROSPECTUS
Financial Times, Tuesday June
27th, 2006 |
The Russian
government, whose interests may not coincide with those of other shareholders,
controls Rosneft and may cause Rosneft to engage in business practices that do
not maximize shareholder value' *'. . . Six members of the nine-member board of
directors are officials in the Russian government . . . and it could, through
its share ownership and representation on the board, cause Rosneft to take
actions that may not coincide with the interests of its minority shareholders' |
Rosneft rolls out litany of
risks for its GBP 10bn float IPO document reveals potential
pitfalls for investors including possible legal dangers,
finds Joanna Chung
Financial Times, Tuesday June
27th, 2006 |
Rosneft yesterday
began selling itself to investors, warning of 'material weaknesses' in its
internal controls, a Kremlin- controlled board that might not always act in the
interests of minority shareholders and possible legal liabilities of at least
$14.7bn (GBP 8bn). The state-owned Russian oil giant published the preliminary
prospectus for its float in London and Moscow next month. It hopes to raise
Dollars 10bn-$11.7bn, making it one of the world's largest initial public
offerings and valuing the company at up to $80bn.
|
Rosneft float at risk from
$48bn legal claims
The Independent, Tuesday June
27th, 2006 |
Rosneft, the Russian
oil group, warned yesterday of "a high degree of risk" to investors
consideringtakingpart in its London flotation, with $48bn (£27bn) of lawsuits
ranged against it, stemming from its acquisition of the main asset of the rival
Yukos. Its prospectus listed four different lawsuits against it and exposure to
"substantial liability" were Yukos shareholders to win a separate $33bn lawsuit
against the Russian Federation. |
A flotation that tarnishes the image of all involved
The Independent, Tuesday June
27th, 2006 |
THE CITY OF LONDON The
Russian state oil company, Rosneft, has announced that it is going ahead with
its flotation on the London Stock Exchange. It hopes to raise more than $10bn,
implying a value for the company of $70bn. The projected date is somewhere
immediately before or after the Group of Eight summit, which Russia will host in
St Petersburg in mid-July. The two events are not unconnected: they both relate
to Russia's search for international respect and approbation. |
Russian IPO Is A Hazy Mix of Oil and Politics
The Washington Post, Tuesday
June 27th, 2006 |
On sale now, for a
limited time only: shares of a company whose secretive chairman is a former KGB
member who steers clear of foreigners; whose crown jewel was, in effect,
expropriated from another company; and whose future hinges on the power of
Russian politicians scheduled to leave office in two years. Despite all that,
investors are lining up to get in on the deal. And some of the biggest names in
international banking -- J.P. Morgan Chase, Morgan Stanley, ABN AMRO Rothschild,
Dresdner Kleinwort Wasserstein and Goldman Sachs -- are helping to bring it to
market. |
Viewpoint Rosneft's
flotation is a punt on Putin
The Guardian, Tuesday June
27th, 2006 |
You can take two views
of Rosneft's flotation. You can call it a glorified sale of stolen property, in
which some of London's leading investment bankers, lawyers and PR folk will
pocket about pounds 100m by promoting a firm whose principal asset,
Yuganskneftegaz, was acquired in a forced auction controlled by the Russian
government. Alternatively, Rosneft's arrival marks a further welcome step by
Russian capitalism on to the international stage. There is no middle ground
between these positions, which is why Rosneft's float is so troublesome. The
ethical issue can't just be wished away. Rosneft simply would not exist in this
form if Yukos had not been dismembered by the Kremlin in a politically inspired
action. |
State's prominence on board
Financial Times, Tuesday June
27th, 2006 |
A glance at Rosneft's
board of directors shows the extent to which - even after electing three
'independent' directors last month - it is dominated by state appointees,
including a senior aide to president Vladimir Putin. The company follows the
continental European model of two boards: an eight-person management board made
up primarily of managers headed by Sergei Bogdanchikov, a long-time oilman, and
a nine-strong supervisory board comprising largely outside directors. Mr
Bogdanchikov sits on both. |
Rosneft aims to raise up to
$12 billion in IPO --- Offering will be test of investor
appetite for Russian energy
The Wall Street Journal Europe,
Monday June 26th, 2006 |
In a major test of
investor appetite for Russia's booming and controversial energy sector, state
oil company OAO Rosneft aims to raise $9 billion to $12 billion in an initial
public offering slated for next month, effectively valuing itself as the leading
oil company in the country. In addition to the large money managers who
typically participate in offerings like this, the Russian state oil company has
already attracted strong buying interest from, among others, big Chinese
companies and Western producers seeking to align themselves with the company
that has emerged as a gatekeeper to Russia's vast oil reserves, according to
people close to the deal |
Rosneft float could be
reversed, oligarch warns
The Daily Telegraph, Monday
June 26th, 2006 |
THE ASSETS of Rosneft,
the Russian state oil company, belong to the Russian people and could be seized
by a future Russian government, according to Alexander Temerko, the former vice
president of Yukos. He warned investors not to take part in the London share
listing of Rosneft, which, he told The Sunday Telegraph, was an attempt to
"legitimise what some see as theft'' from Yukos, the Russian oil firm crippled
by a $15bn ( pounds 8.2bn) demand for back tax from the Kremlin. Mikhail
Khodorkovsky, the largest shareholder in Yukos, was arrested and is now serving
a nine-year jail sentence for tax fraud. |
Rosneft defiant over IPO
price *Russian oil giant ignores calls for lower valuation *
Shares will be set from $5.85 to $7.85 *Company's decision
values it at up to $80bn
Financial Times, Monday June
26th, 2006 |
The Russian oil giant
Rosneft will price its shares to value the company at $60bn-$80bn (GBP 33bn-GBP
44bn) at next month's initial public offering. The figure ignores recent market
volatility, as well as demands for a lower price from investors.
The shares will be
priced at $5.85-$7.85, giving Rosneft a market capitalisation of as much as
$80bn after the IPO and the consolidation of its subsidiaries expected by the
end of the year, said people close to the deal.
The IPO on July 14
aims to raise about $10bn by floating 12.5-16 per cent of the company's share
capital with listings in London and Moscow. |
Rosneft to raise £10bn from
float despite 'theft' risk
The Independent, Monday June
26th, 2006 |
The Russian oil giant
Rosneft is to publish the price range for its July flotation on the Moscow and
London stock exchanges today which is expected to value the company at between
$60bn and $80bn. The state-controlled group led by Sergei Bogdanchikov plans to
raise $10bn from the initial public offering, which is set to be the biggest of
the year and one of the most controversial. The prospectus for the offering will
be published today and the shares are scheduled to start trading on 19 July. The
float will be priced in dollars as Rosneft reports its results in the US
currency. |
Cold hand of KGB haunts oil-rich wasteland
The Daily Telegraph, Thursday June 22nd, 2006 |
Rosneft has begun a public relations exercise ahead of the flotation, flying journalists to the oil fields around Nefteyugansk in private jets and putting on impressive 3-D displays to demonstrate the company's solidity.
|
Rosneft to
run joint venture with Sinopec OIL & GAS
Financial
Times, Wednesday June 21st, 2006 |
Sinopec, China's
second-largest oil company, has agreed to pay an estimated
$3.5bn for a medium-sized Russian oil company - but is
ceding majority control over it to state-controlled Rosneft.
In the first foray by a Chinese company into Russian oil
assets, Sinopec has bought Udmurtneft, a company with 550m
barrels of reserves, from TNK-BP, an Anglo-Russian oil
venture. |
|
Wrap: Yukos looks to Gazprom,
Rosneft as bankruptcy looms
RIA
Novosti, Russia une
21st, 2006 |
MOSCOW, June
21 (RIA Novosti) - Yukos, once Russia's leading independent
oil company, has been forced to look toward state-owned
energy companies Gazprom and Rosneft as it teeters on the
brink of bankruptcy.
At a
shareholders' meeting on Wednesday, Viktor Gerashchenko, the
chairman of the board and one-time Central Bank of Russia
chief, said the crippled concern could become a subsidiary
of oil company Rosneft and was considering selling a 20%
stake in what was once Sibneft to energy giant Gazprom.
Although he
said the company's huge debts had been substantially reduced
and its American chief executive would stay on, Gerashchenko
said Rosneft could continue its long march of buying up
assets. |
|
Rosneft Says Market Volatility Won’t Prevent
Timely IPO MosNews 20.06.2006 |
Recent stock
market volatility will not alter the timetable for the
initial public offering of Russia’s state-owned oil company
Rosneft,
the company’s senior executive told an investment conference
on Monday, June 19. |
Investors must not sell out Russian liberties
Financial Times,
Tuesday June 20th, 2006 |
With global energy prices sky high, international investors
are rubbing their hands together in anticipation of the
forthcoming London initial public offering of Rosneft, the Russian energy giant.
They might well keep their hands together for somededicated
prayer. A higher power will be required to prevent this
suppo-sedly heavenly deal resulting in a catastrophe. Most
of the state-controlled company's assets are the result of
the theft of Yuganskneftegas, expropriated from Yukos,
Mikhail Khodorkovsky's company. Russia's former richest man
was imprisoned on contrived tax charges but in truth he was
taken out of the picture - and his company looted - for
defying President Vladimir Putin. |
Yukos investor threatens to sue Rosneft
buyers
The
Independent, Thursday June 15th, 2006 |
The majority shareholder in Yukos, the Russian oil company
crippled by the Kremlin, has threatened legal action against
Western investors who take part in the forthcoming London
flotation of Rosneft. A possible lawsuit from Group Menatep
(GML) is one of a series of legal threats to confront
investors considering buying shares in the $80bn (£44bn)
initial public offering of Rosneft. |
Rosneft woos
China oil giant in IPO
South China
Morning Post, Wednesday June 14th, 2006 |
China Petrochemical Corp, the
parent company of listed China Petroleum & Chemical Corp (Sinopec),
is considering subscribing for shares in the mega initial
public offering of Russia's second-largest oil and gas
producer Rosneft. State-owned China Petrochemical, the
country's second-largest oil company by production, had
received an invitation from Rosneft to subscribe to the
Russian firm's shares, a China Petrochemical source said. |
Investor warns of Rosneft
flotation risks
Financial Times, Wednesday June
14th, 2006 |
One of the most experienced investors in emerging markets
yesterday warned that his fund would not participate in the
controversial flotation of Rosneft unless the Russian oil
giant's shares came at a significant discount and the
company took steps to address questions about potential
legal risks. Mark Mobius, who manages $30bn at Franklin
Templeton Asset Management, is the latest investor to voice
doubts about Rosneft's initial public offering, aimed at
raising $10bn on the London and Moscow exchanges. |
Rosneft flotation hit by legal
threat
The Independent, Wednesday June
14th, 2006 |
The controversial $80bn (£44bn) London flotation of the
Russian energy giant Rosneft is facing a new legal threat,
as opposition mounts to the listing among Western investors.
It emerged yesterday that the chairman of Rosneft, Igor
Sechin, has just been served in Moscow with papers from a US
lawsuit over the company's acquisition of Yugansk, its
biggest asset. The case also names Rosneft's chief
executive, Sergei Bogdanchikov, and the company itself as
defendants. |
Russian oil giant prepares for flotation
Rosneft, second-biggest oil company in the world, looks set
to become one of the largest listings ever
The Daily
Telegraph, Tuesday June 13th, 2006 |
ROLL up! Want to buy some
shares in the world's second-biggest oil company? Well, now
you can after Rosneft, currently 100pc-owned by Mother
Russia, finally confirmed plans for one of the world's
biggest flotations. The details of this summer's listing in
London were sketchy (one adviser complained "the American
lawyers are all over it''), but these are the facts. |
Rosneft
will press ahead with $10bn IPO OIL & GAS
Financial
Times, Tuesday June 13th, 2006 |
Rosneft,
a Russian oil group, yesterday confirmed that it was
pressing ahead with an initial public offering to raise
$10bn in spite of turbulent market conditions, kicking off
the official countdown to one of the most controversial
transactions in Russian corporate history. The company's
'intention to float' announcement received a boost from
yesterday's first-quarter earnings showing net profit rising
10.8 per cent to $802m, according to US GAAP. |
Psst.
Wanna buy some oil shares? They're selling off the back of
the Kremlin's lorry
The Independent, Tuesday June
13th, 2006 |
The float, scheduled to take place
later this month, is likely to value Rosneft at $70bn-$80bn and will see 12 to 14
per cent of the company's shares listed on the London and
Moscow stock markets. The $10bn or so in proceeds will be
used to pay back the money Rosneft's
parent company Rosneftegaz borrowed from a collection of
international banks to buy a 10 per cent stake in Gazprom,
so taking the Russian state's holding in the gas company
back above 50 per cent. |
|
BP
discusses $4bn sale of oil fields to Russo-Chinese alliance:
British group denies it is losing
interest in
Russia Rosneft on shopping spree as flotation draws near
The Guardian, Tuesday
June 6th, 2006 |
BP is in talks to sell a
key part of its Russian business for up to $4bn (pounds
2.1bn) to an unusual partnership involving the local oil
group Rosneft, which is soon to float, and Sinopec of China.
The potential deal involves the Udmurtneft part of TNK-BP,
which produces 120,000 barrels a day of heavy crude and
holds reserves of 1bn barrels but is in need of new
investment. |
|
Rosneft float just weeks away as regulator
reviews prospectus
Sunday Telegraph 4
June 2006 |
The prospectus for the
initial public offering of Rosneft, the controversial
Russian state oil giant, is with the UK Listing Authority
awaiting approval, The Sunday Telegraph has learned. |
Court Said OKs Debt
Claims Against Yukos
MSN Money
June 02, 2006 02:45 PM
ET |
A Moscow court on
Friday approved further debt claims against the shattered
oil company OAO Yukos by a former unit of the company,
Russian news agencies reported -- a move that improves the
position of state oil company OAO Rosneft as Yukos goes into
bankruptcy procedures. |
|
Rosneft –
That is Handy !
Financial Times, 26-May-2006 |
FT Leader –
commenting wryly on the reduction of Rosneft tax liability
by Russian courts from 4.8 billion to just under 1 billion –
just in time for the planned IPO. It goes on to say “Even
in today's more risk-averse times, anyone who wants exposure
to a potential new phase of growth in Russian oil and gas
badly enough will invest in Rosnef”
|
|
Rosneft
Buyer Beware
The Wall Street Journal Europe, Wednesday May 24th, 2006 |
An opinion
piece written by a former Yukos vice president revealing
the murky history of the Rosneft purchase of
Yuganskneftegaz and raising
doubts about whether all the relevant facts would be put
before the potential investors in the IPO
|
|
Rosneft
too risky, Putin insider says
The Daily Telegraph, Wednesday May 24th, 2006 |
The former
economic adviser to Russian president Vladimir Putin has
warned that the planned flotation of Rosneft would see "the
London Stock Exchange being used to distribute stolen
assets''. Andrei Illarionov, who quit the Putin government
last December in protest at the erosion of Russia's
political and economic freedom, said potential investors
should be aware of the risks of the proposed pounds 5.4bn
float. |
Rosneft
posts Q1 production figures
RosBusinessConsulting, Russia -
19 May 2006 |
Rosneft
rose by 6.7 percent to 19m tonnes in Q1 2006 compared to
17.8m in the same period of 2005, the
... |
Rosneft
consolidated net profit rises 50% in 1Q06 - 1
RIA Novosti, Russia -
18 May 2006
MOSCOW, May 19 (RIA Novosti) -
Rosneft, a
Russian |
Rosneft, state-owned
oil company, said Friday its consolidated net profit rose
49.8% year-on-year in the first quarter
... |
Rosneft
Declares 18% Rise in Reserves
Wall Street Journal (subscription), NY -
15 May 2006 |
MOSCOW -- Russian state oil company OAO
Rosneft said its
proven reserves of oil and gas rose 18% last year to 18.94
billion barrels of oil equivalent
... |
Rosneft
net profit rises sevenfold to $855 million in 1Q06
RIA Novosti, Russia -
3 May 2006 |
MOSCOW, May 3 (RIA Novosti) -
Rosneft said
Wednesday its net profit in the first quarter of 2006 had
risen seven times on the fourth quarter of 2005 to 23.3
... |
|
Some
Rosneft investors decry consolidation plan
The Wall Street Journal Europe, Wednesday April 19th, 2006
|
Potential concerns about the IPO as viewed by WSJ.
( requires subscription)
|
Rosneft fuels controversy as LSE
IPOs flood in from Russia
The Lawyer, UK - 15 May 2006 |
Despite these reassurances, the contentious $10-$20bn
(£5.37-£10.73bn) float of Russian state-owned oil and gas
giant Rosneft
has got critics' tongues wagging
...
|
Greed will beat
fear about Rosneft’s London
listing
The Sunday Times, UK - 29 Apr 2006 |
There
are scores of
accountants, bankers and lawyers scurrying around Russia
clearing the way for the impending controversial flotation
of
Rosneft,
the
oil
... |
|
Rosneft close to agreeing new
loan terms
Financial Times, 26-Apr-2006 |
Story on
how Rosneft managed to renegotiate interest terms on loans
taken from Western banks, getting more favorable terms.
|
|
Soros says Rosneft IPO raises
concerns
Financial Times, 26-Apr-2006 |
This is
the much quoted article that first raised caution about the
IPO.
George Soros, the billionaire financier, has warned that the
Kremlin's planned initial public offering of Rosneft could
legitimise Russia's moves to renationalise chunks of its oil
and gas industry and harm Europe's energy security. Soros
warns that the planned flotation of the state-owned oil
company on the London Stock Exchange 'raises serious ethical
and energy security issues'. |
|
Rosneft float sparks new
controversies
The Business, 23-Apr-2006 |
Article
written for UK business publication: Rosneft must
consolidate its 12 main subsidiaries into a single share
ahead off floating on international markets later this year.
But minority shareholders in the subsidiaries, many of which
have held stocks since the privatization process in the
1990s, protested after Rosneft offered valuations that were
half current market valuations in several cases |
|
Media & Business: Rosneft having second thoughts on London
float
The Observer, 19-Mar-2006 |
Article
revealing slight change of mind on the scale of the IPO.
|
|
Banks sold Yukos debt to Rosneft OIL & GAS
Financial Times, 16-Mar-2006 |
This is a
reported example just one legal wrangle involving Yukos with
clear implications for Rosneft.
”Foreign banks which last week launched bankruptcy
proceedings against Yukos, Russia's crippled oil company,
had agreed to sell their debt obligations to the state-owned
Rosneft oil company three months before taking their action,
it was revealed yesterday. A group of western banks, led by
Societe Generale, last Friday filed for liquidation of Yukos
in a Moscow court, in order to recover $482m. The banks
yesterday confirmed the entire debt had been sold to
Rosneft.” |
|
Rosneft executives quit ahead of pounds 12bn flotation
The Guardian, 09-Feb-2006 |
Article
reporting the unexpected resignation of Rosneft’s FCO.
”The chief financial officer and the head of investor
relations at the Russian state-owned oil company Rosneft
have resigned ahead of its planned international flotation -
Russia's biggest - this year. Rosneft said Sergei Alexeyev,
who joined from ABN Amro two years ago, and the investor
relations chief, Oleg Kuzakov, quit this week. Rosneft said
the departures would not affect the flotation. “ |
