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Research Journal Dossier Example: Rosneft | For educational use only

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ADDITIONAL WEB RESEARCH, INVESTIGATION PRACTICE
AND ANALYSIS OF CONSUMED DATA TO COVER THE QUESTION OF COMPETITIVE TRANSPARENCY & PREDICTABILITY
EXPORT COMPANIES IN RUSSIA
GOVERNMENT-OWNED ENTERPRISES

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Research Journal Dossier Example: Rosneft | For educational use only

  1. 1. RESEARCH JOURNAL EXPORTERS ALL RUSSIA DAILY INFLUENCE ON MARKET CONJUNCTURE DOSSIERFOREDUCATIONALUSEONLY EXAMPLE EXAMPLE
  2. 2. RESEARCH JOURNAL | DOSSIER | IS AN ADDITIONAL WEB RESEARCH, INVESTIGATION PRACTICE AND ANALYSIS OF CONSUMED DATA TO COVER THE QUESTION OF COMPETITIVE TRANSPARENCY & PREDICTABILITY TARGET IS EXPORT COMPANIES IN RUSSIA GOVERNMENT-OWNED ENTERPRISES DAILY INFLUENCE ON MARKET CONJUNCTURE: WHO, WHEN, WHERE, WHY, HOW, WHAT & MEANS, MOTIVE, OPPORTUNITY BASED ON OFFICIAL EVENTS INFORMATION DISCLOSURE BUSINESS INSIGHTS STATISTIC DATA LEGISLATION NEWS WHO MIGHT INTERESTED OVERSEAS BUYERS SUPPLIERS VENDORS PARTNERS OR COMPETITORS ANALYSTS JOURNALYSTS AND RESEARCHERS USEFUL FOR STRATEGIC PLANNING STRATEGIS FORECASTING ENTERPRISE RESOURCE/SELLS PLANNING
  3. 3. CONTENT ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING THIRD PARTY PUBLICATIONS & VERIFICATION RESEARCH & ANALYSIS OF INFORMATION DISCLOSURE DESCRIPTION industry goods & services key words e-PROCUREMENT/ENTERPRISE RESOURCE PLANNING list of possible international suppliers CAPITAL AND SHAREHOLDERS INFORMATION ORGANIZATIONAL STRUCTURE COMPETITORS IN ANALOGOUS INDUSTRY countries companies BUSINESS INSIGHTS industrial facilities/structure (subsidiaries, affiliate) imported processing equipment and suppliers brands employees competence international certificates of quality difficulties of exporting foreign/strategic transactions & deals current (actual) and prospective markets court proceedings possible risks perspectives of development and cooperation credit/financial rating NOTE/REMARK TO FUNDAMENTAL ANALYSIS FOR LISTED COMPANIES
  4. 4. INDUSTRIAL SECTORS OIL & GAS Sector Equipment and service for Oil & Gas Sector Alternative Energy CHEMICALS BASIC RESOURCES “INDUSTRIAL METALS & MINING” CONSTRUCTION & MATERIALS Subsector Heavy Contruction INDUSTRIAL GOODS & SERVICES Subsector railroads Subsector Electronic & Electrical Equipment Subsector Commercial Vehicles & Trucks Subsector Industrial machinary Subsector Support Service Subsector Diversified Industrials SECTOR AEROSPACE & DEFENSEc FOOD & BEVERAGE Subsector Food Producers Subsector Distillers & Vintners and Brewers PHARMACEUTICALS & BIOTECHNOLOGY UTILITIES TECHNOLOGY Subsector Technology Hardware & Equipment Subsector Software & Computer Services Multi sectors Companies ROSTEC | RUSNANO | ROSATOM | ROSCOSMOS
  5. 5. PJSC |OIL COMPANY ROSNEFT| http://www.rosneft.com ORGANIZATIONAL TRANSPARENCY & PREDICTABILITY RATING Company approved as the most transparent Public Company (S&P) THIRD PARTY MEDIA AND PUBLICATIONS NEGATIVE | POSITIVE | NEUTRAL http://www.dowjones.com/scoops/rosneft-hires-london-firm-zaiwalla-sanctions-strategy/ http://www.bloomberg.com/news/articles/2016-04-28/putin-s-decade-old-dream-realized-as-russia-to-price-its-own-oil SANCTIONS http://www.rbc.ru/politics/23/05/2016/574336659a79473f3b1d2d4b?from=newsfeed Rosneft and Hellenic petroleum Agreed on Crude oil and petroleum sale. http://www.vedomosti.ru/newsline/top/business/news/2016/05/26/642551-sechin-hellenic-petroleum RESEARCH & ANALISYS OF INFORMATION DISCLOSURE e-PROCUREMENT/ENTERPRISE RESOURCE PLANNING CAPITAL AND SHAREHOLDERS INFORMATION CAPITAL STRUCTURE http://www.rosneft.com/Investors/structure/share_capital/ JSC ROSNEFTEGAZ http://e-disclosure.ru/portal/company.aspx?id=14467 2012 SHAREHOLDERS MEETING 97,6% http://www.rosneft.com/news/pressrelease/03122012.html CAPITAL OF BOARD MEMBERS http://www.rosneft.com/news/pressrelease/080620122.html 2013 SHAREHOLDERS MEETING http://www.rosneft.com/news/pressrelease/05032013.html 97,7% http://www.rosneft.com/news/pressrelease/200620132.html CAPITAL OF BOARD MEMBERS http://www.rosneft.com/news/pressrelease/23082013.html http://www.rosneft.com/news/pressrelease/29082013.html http://www.rosneft.com/news/pressrelease/300820132.html 2014 ShareHolders Meeting http://www.rosneft.ru/news/pressrelease/06032014.html Russian 92,9 % http://www.rosneft.com/news/pressrelease/270620142.html CAPITAL OF BOARD MEMBERS http://www.rosneft.com/news/pressrelease/19032014.html 2015 SHAREHOLDERS MEETING 89,7% http://www.rosneft.com/news/pressrelease/17062015.html 2016 CORPORATE STRUCTURE OPERATIONAL STRUCTURE http://www.rosneft.com/about/Glance/OperationalStructure/ INDUSTRY DESCRIPTION OIL & GAS SECTOR **POSITION IN THE INDUSTRY Record high exploration drilling success rate at 84%1, 7 fields and 117 new deposits discovered with 232 mmtoe of total С1+С2 reserves (Presentation Rosneft Q4 2015) GAS INDUSTRY - 16% domestic markets
  6. 6. UPSTREAM CAPEX 2015: BANCHMARKING $/boe 4.3-Rosneft; 9.7-Lukoil; 10.1-Gazprom; 17.0-PetroChina (http://www.petrochina.com.cn/ptr/); 19.0-PetroBras (http://www.petrobras.com.br/en/); 20.3-ExxonMobil (http://corporate.exxonmobil.com) 21.8-Statoil (http://www.statoil.com/en/) 22.3-BP (http://www.bp.com) 23.8-Shell (http://www.shell.com) 33.5 Chevron (https://www.chevron.com) GOODS & SERVICES KEY WORDS: Geological exploration Oil Refining Crude Oil and petroleum sales Euro-5 motor fuels production since 2015 BUSINESS INSIGHTS ***INDUSTRIAL FACILITIES THE STRUCTURE http://www.rosneft.com/Downstream/Overview/ Geological exploration/extraction PJSC ORENBURGNEFT http://e-disclosure.ru/portal/company.aspx?id=929 JSC SAMOTLORNEFTEGAS, JSC SNG http://e-disclosure.ru/portal/company.aspx?id=837 PJSC TUYMENNEFTEGAS http://e-disclosure.ru/portal/company.aspx?id=4839 PJSC VERHNECHONSKNEFTEGAS http://e-disclosure.ru/portal/company.aspx?id=7810 JSC VANCORNEFT LLC RN-UGANSKNEFTEGAS Oil Refining & Crude Oil and petroleum sales JSC RAYZANSK OIL PROCESSING COMPANY JSC ANGARSK OIL CHEMICAL COMPANY http://e-disclosure.ru/portal/company.aspx?id=672 JSC NOVOKUJBYSHEVSKY OIL PROCESSING PLANT http://www.rosneft.com/Downstream/refining/Refineries/Novokuibyshev_Refinery/ LLC RN-COMSOMOLSKY OIL PROCESSING PLANT SYZRAN OIL PROCESSING PLANT http://www.rosneft.com/Downstream/refining/Refineries/Syzran_Refinery/ ACHINSK OIL PROCESSING PLANT http://www.rosneft.com/Downstream/refining/Refineries/Achinsk_Refinery/ PJSC SARATOV OIL PROCESSING PLANT http://e-disclosure.ru/portal/company.aspx?id=3707 JSC Petrol Complect Equipment Company JSC RN-The Capital http://e-disclosure.ru/portal/company.aspx?id=24325 Foreign Subsidiaries: ROSNEFT TRADING S.A. ROSNEFT TRADE LIMITED Other JSC RN-HOLDING http://e-disclosure.ru/portal/company.aspx?id=6567 LLC OIL-ACTIVE ROSNEFT FINANCE S.A. JSV ALLRUSSIN BANK OF REGIONAL DEVELOPMENT IMPORTED PROCESSING EQUIPMENT AND SUPPLIERS BRANDS EMPLOYEE COMPETENCE AND ORGANIZATIONAL STRUCTURE EMPLOYEES DISCLOSED INFORMATION http://www.rosneft.com/news/pressrelease/13052014.html CHANGES IN ORGANIZATIONAL STRUCTURE http://www.rosneft.com/news/pressrelease/250520152.html http://www.rosneft.com/news/pressrelease/22042016.html DIFFICULTIES OF EXPORTING
  7. 7. IMPORTANT INTERNATIONAL BUSINESS TRANSACTIONS AND DEALS SINCE 2012 2012 Rosneft President Eduard Khudaynatov ExxonMobil Kara Sea, Sonatrach, Algeria’s national oil company, Eni, Statoil ASA; 2012 Rosneft President Igor Sechin GE; Glencore International plc and Vitol; Saras Sign S.p.A (50/50 Joint Venture) Italy. 2013 PKN Orlen S.A. (Czech Republic 30.06.2016); Total (12.2015); Marubeni Corporation; Mitsui & Co., Lt; INPEX; Corpora- cion Venezolana del Petroleo (CVP) (PDVSA); PetroVietnam; TNK-BP 100%; Trafigura (5 years contract-trading); CNPC; WWF; “Joint Statement of Interest to invest in the energy sector of the Republic Croatia”; $ 2Bln Long-Term Load from China Development Bank, SOCAR; Nairit Plant; Inigushetia Extend Cooperation; Heads of Agreement on Rosneft’s ac- quisition of a 51% interest in Petroresurs LLC with the Director of Lundin Petroleum AB (http://www.rosneft.com/news/ pressrelease/02102013.html); Sinopec; Agreement on Development of Engineering and Shipbuilding Cluster in Russia Far East (http://www.rosneft.com/news/pressrelease/13112013.html); Pirelli & C. S.p.A; HRT (additional 6% in Solimoes project (Rosneft Brazil receiving 51%)); Oil Techno (Armenia); Agreement to purchase the Global Oil Merchanting unit of Morgan Stanley Commodities division (http://www.rosneft.com/news/pressrelease/231220132.html) ter- minated in 2014 (http://www.rosneft.com/news/pressrelease/221220142.html). 2014 Science, Research & Development Center with GE; Heads of Agreement with Pietro Barbaro Group on acquisition of 95% share of Prime Shipping Group of Companies; GNC Galileo S.A.; SeaDrill & North Atlantic Drilling Ltd. (agreement is up to 31.05.2017); BP Exploration Operating Company Limited; Alstom; Union CubaPetroleo (CUPET); Mubadala Petroleum; ONGC Videsh Ltd.; Empresa Nacional Hidrocarbonetos De Mozambique, ENH; Yokogawa Electric Corporation; BP Oil International Limited; Petrobras; Weatherford International plc.; deal on purchasing of 50% share of Camfin S.p.A new shareholders Pirelli & C S.p.A. (http://www.rosneft.com/news/ pressrelease/11072014.html); Essar Refineries (India); Acquire 16,67% Share in PCK Raffineria GmbH by sign a Term Sheet with Total; trilateral agreement with Rostec and Finmeccanica - AgustaWestland on AW 189 Helicopters production in Russia, localization is planned up to 2025; deal to acquire 49% share of Petrocas Energy International Limited; Shell Aviation. Joint Arrangement: Pre deal: Acquire 16,67% Share in PCK Raffineria GmbH by sign a Term Sheet with Total; 2015 Golar LNG Limited; Air BP; deal with PetroRio on additional 55% of the Solimoes Project and completed transaction on 100% of control and full operation-ship of the project; CIMC Enric Holding Limited; Purchase of 100% share of Prime Shipping Group of Companies; Skyland Petroleum Group (SPG); Egypt General Petroleum Corporation; Possible of Pros- pect of cooperation Rosneft and Pertamina; ChemChina; deal on 30% Share in HeliVert; supply contract between Rosneft’ structured Company RN-Aircraft and Viking Air Limited (Canada); triple agreement between Rosneft, Avesta Chemical (Suisse) SA and Manzhouli Far East Gas Co. Ltd; Japan Drilling Co. Ltd. (JDC), deal with ONGC on sale of 15% and shareholder agreement related to management of Vancorneft, JSC; China Petrochemical Corporation (Sinopec); Rosneft JV Projects (Luxembourg) deal on sale of 8,99% share in Saras S.p.A. through the Offering (only to qualified Investors); Extended Delivery Agreement with Poland Concern Naftowy ORLEN S.A. (PKN orlen) up to 01.31.2019; Oil India Limited and Indian Oil Corporation Limited; closing transaction for the divestment of 50% share in Polar Lights Company, LLC; Acquisition of LLC Petrol Market Company 100% Ownership interest, Armenia Acquisition of assets from Weatherford International plc. Venezuela 2016 Oil India Limited and Indian Oil Corporation signed a legally binding share sale agreement on 29,9% in Taas-Yuryakh Neftegasodobycha; Siemens; information on joint venture with PDVSA in Venezuela (http://www.rosneft.com/news/press- release/200220162.html); China Heavy Industry Corporation Nantong (CHIC); Suzhou Dafang Special Vehicle Co. Ltd.; Rosneft in Indonesia (direct supplies (shipments) and cooperation with Pertamina); Rosneft and Hellenic petroleum Agreed on Crude oil and petroleum sale (http://www.vedomosti.ru/newsline/top/business/news/2016/05/26/642551-sechin-hel- lenic-petroleum) CURRENT MARKETS *Poland; China; Deposits/Investment: Venezuela; Canada, Vietnam PROSPECTIVE MARKETS Indonesia, India, Greece COURT PROCEEDINGS
  8. 8. POSSIBLE RISKS a reduction in the value of an asset with the passage of time; foreign currency risk (the company may involve the use of derivative instruments or cash flow as a hedged item); credit risk; PERSPECTIVES OF DEVELOPMENT AND COOPERATION Arctic offshore ***Increase development drilling by at least 30 YoY ***New wells completion plan - over 2,500 wells of which no less than 30% are horizontal wells **Further enhancement of drilling efficiency Possible localization of the subsea production systems, negotiating with General Electric, FMC technol- ogies and Aker Solutions (source Innopraktika) RATING 26.04.2016 - Confirmed Ba1 (Negative) Moody’s rating COMPETITORS IN ANALOGOUS INDUSTRY National Petroleum Companies Saudi Arabia, China, USA, Iran FUNDAMENTAL ANALYSIS FOR LISTED COMPANY LONDON STOCK EXCHANGE FUNDAMENTALS http://www.londonstockexchange.com/exchange/prices/stocks/summary/fundamentals.html?four- WayKey=US67812M2070USUSDIOBE **Debt profile by currency: Foreign currency 89% Rubles 11% Long-term bank loans US$ LIBOR+1%-LIBOR+3.50% | 2016-2029 - 1,665 | 2015 EUR EURIBOR+0.35%-EURIBOR+2.40% | 2016-2020 - 79 | 2015 RUB 7.50%-15.8% | 2016-2021 - 41| 2015 AMORTIZATION/LIFE CYCLE “Components of other property, plant and equipment and their respective estimated useful lives are as fol- lows: Property, plant and equipment Useful life, not more Buildings and structures 30-45 years Plant and machinery 5-25 years Vehicles and other property, plant and equipment 6-10 years Service vessels 20 years Offshore drilling assets 20 years Land generally has an indefinite useful life and is therefore not depreciated. Land leasehold rights are amortized on a straight-line basis over their expected useful life, whice averages 20 years.” AGREEMENT TO DISSOLVE “Rosneft and BP Sign Agreement to Dissolve the Joint Venture Ruhr Oel GmbH as Part of German Refining Venture Restructuring A binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG) under restructuring German refining petrochemical venture process was approved by the Rosneft Board of Directors at the meeting in December 2015. When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding in the http://www.bayernoil.de refinery from 12,5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery - from 35.42% to 54.17%. In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent produc- tion facility DHC Solvent Chemie. In December of 2015, Rosneft received approval of the deal from the Bundeskartellamt. The
  9. 9. restructuring of Ruhr Oel GmbH will enable Rosneft and BP to re-focus their refining and petrochemicals strategies in Europe.” http://www.bp.com/en/global/corporate/press/press-releases/rosneft-and-bp-sign-agreement-to-dissolve- the-joint-venture-ruhr-oel-gmbh.html COMMENT **Rosneft Presentation Q4 2015 http://www.rosneft.com/attach/0/23/02/Rosneft_Q4_2015_IFRS_ENG.pdf ***Financial Statement http://www.rosneft.com/attach/0/23/02/2015_Rosneft_FS_IFRS_ENG_SIGNED.pdf Selected information will help to create an associated picture of the Russian Export Market. Possible editing and updates. For educational use only. Please, contact: globaldossier@yandex.ru | dzdtp4people@gmail.com | +79379110888 www.globaldossier.info

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