Rosneft goes abroad

Why Russia won't have cheap gasoline for a long time.
26.02.2014
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On volumes of oil production and refining Russia is surely among the top five world leaders. Otherwise, there could be, and - reserves of "black gold" of us God is not offended. But according to the rich subsoil gas prices Russia is not something that is not in front of the entire planet, but is inferior even to those countries where there is no oil in sight. They say that Igor Sechin like to talk about the Russian oil reserves, each time marveling, saying that what the resource base, the opportunities! The fact that it will receive from the ordinary citizens of the country, we are not talking. Strange, is not it?

Because, in theory, everything should be on the contrary. Here in Venezuela, which is nothing but jungle and the desire to show a fig America, and the economy is tied to oil even more so than in Russia, petrol it is worth only 5 cents per liter - we somewhere 1 ruble 75 kopecks . The torn Libya Civil War - 14 cents. Saudi sheikhs released fuel to his subjects by 16 cents, reasonably believing, despite all their Eastern autocracy: the subsoil reserves belong to the people, and therefore benefit from their production should the whole nation. This setting is valid a prioriin all major oil producing countries. Unfortunately, with the exception of Russia. No, the slogan of "national treasure" in our sound, but all bonuses accrue only to those who are in the pipe. This is particularly evident in the example of the leader of the domestic oil production - the state company "Rosneft".

Billion burns pocket

A billion dollars - that's a lot or a little? For Rosneft's net profit which amounted to 551 billion rubles in 2013, it seems to be not so much. Although in terms of the US currency has a different impression - a "green" one billion is about the 15th part of the total profits. For the company, which employs more than a hundred and fifty thousand people and implementing transnational capital-intensive projects, more than one billion can not be sure. However, Rosneft found how to dispose of them. On the "Vedomosti" reported last week: the company intends to build a new headquarters. Moscow authorities have allocated Rosneft under it a land area of ​​5 hectares. Igor Sechin new office is located nKutuzovsky Prospekt opposite the "Moscow City".

The news immediately caused a negative reaction among the Muscovites. Traffic on Kutuzov and so poor, the appearance is of another office complex will kill him eventually. No wonder two years ago, the capital of urban planning and land commission withdrew existing development project of this territory, explaining his decision just possible transport difficulties. In addition, we can hardly expect that one of the world's largest oil companies will build on the principle of "modest and tasteful" - the experience of the tower of "Gazprom" has shown how for domestic business is important generals megalomania.

Yet it must be recognized - the architectural and transport concerns should be here is not in the first place. No wonder at the beginning dealt with the billions of dollars. So much has been reported, Rosneft plans to spend on the construction of its new headquarters.

But, maybe, the company deprived areas? This is hardly the case. Now Rosneft knittingAET huge mansion at the Sofia embankment directly opposite the Kremlin. Also, according to "Vedomosti", its offices are located in Malaya Kaluga, at the plant "Red Proletarian" on Dubininskaya, near the Paveletskaya station, and on Running in the business center "NorthStar Tower". So the decision on the need to move clearly is in question, to spend his 15th of his annual income.

In the offices of Rosneft have the room in which the head of the corporation can easily accommodate, not to mention the beautiful office in the building at the Sofia careless. Managers of the Soviet era, who were scouting the current reserves and build oil refineries across Russia on such areas could live as a family. But the current fashion dictates the allocation of executives of state corporations of entire floors in the office centers. Against the backdrop of a small thing, but something tells us that the new facility will not replace the old inhabited rooms and foster.

Given that other, much more important goals Rosneft plans to a much lower cost. So, for exploration on the continental shelf of the Russian Federation, the catrye production should provide fuel for the future, the company's board of directors intends to allocate only 3 billion rubles. Against this background again becomes relevant question, which is not so long ago raised "Our Version": Is not that the largest domestic state-owned corporation assigns priority to the solution of housing problems, due to the presence in its governing body of a whole group of foreigners? Or so easy to spend money, it extracted from Russian subsoil?

Rosneft bright future in doubt

At the same time, despite all the assurances Igor Sechin that case Rosneft are just brilliant, recently serious doubts sounding in expert about this environment.

"Investors no longer trust Sechin at Rosneft forecasts" - such headlines responded in early February, news portals on the words of the head of the company expects growth in profitability of the company's shares up to 8.5% per annum. Such income as promised Igor Sechin, will receive during the August payment of dividends those shareholders who acquired securities of the oil giant on 6 February. analyteki already expressed doubts: according to their calculations it appeared that more than 5% of the shares holders are unlikely to get.

However, their ability to operate with figures Igor Sechin has already demonstrated. So, in early February at a meeting with Prime Minister Dmitry Medvedev, he is pleased with his news of the increase on the 18% of the capitalization of the company for 2013, promising that it will grow even further. However, as found in the "RBC daily», Rosneft is not something that has not risen over the year, but on the contrary, has lost in value. So, on the Moscow stock exchange value of Rosneft dropped by 8%, and in London - all 25%. Yes, and hopes to increase the capitalization of the company in the current year, too, a little. According to the publication, the economic situation in Russia, this is too hard, the drivers for the growth of the cost of the missing securities, and investors prefer today to invest in the advanced economies.

Claims and personal style is Igor Sechin at Rosneft's Guide. As he wrote, "Forbes", due to the fact that he has closed all matters for themselves, the company has stopped a lot of processes. For example, in 2013 the volume of capital investments planned at the level of 21.5 mJPL dollars, but in the first nine months of the year has been invested only 12 billion dollars. "In the medium term, it is a bad sign, - says the source publication. - If Rosneft will not be able to reform within the next year management system, it will have to sell the stock. " There is one more thing, do not dye the corporation. investment flows contribute to the transparency of companies and Rosneft in this regard still need a long time to improve. Not forgotten history as minority shareholders of the company had to literally beg Igor Sechin to increase dividends, for which the situation in the end had to intervene to Vladimir Putin. Weakness Sechin working with minority investors recently recognized even referees RSPP, recommending shareholders to discuss current issues, including the size of the bonuses of top managers of the company.

By the way, with bonuses at the very Sechin okay. The same "Forbes" put it on the first place in the ranking of the highest paid executives of Russian companies. Annual head of Rosneft earnings of $ 50 million. And ontotal sum of remuneration of key management personnel in 2012 amounted to an astronomical 9.1 billion rubles. Even financial mastodon "Gazprom" has spent for similar purposes is only 2.1 billion. So against this background, to put a billion dollars on the construction of a new office for the management of Rosneft - the decision trifling. While drilling rigs pump into the pipe oil, the money will still be flowing river.