Rosneft: Russia’s largest oil company calls for $42bn in state aid as sanctions bite August 14, 2014 Rosneft, Russia's largest oil company, has been forced to request $42bn in government money to see it through the current raft of western sanctions. Igor Sechin, chief executive of Rosneft, has asked for help through the purchase of bonds, with the National Wellbeing Fund mooted to as a possible buyer. The fund is usually used [...]
Russia told to pay another $2bn to Yukos shareholders in largest ever human rights payout July 31, 2014 Russia has been ordered to pay a further $2.6bn to Yukos shareholders by the European Court of Human Rights, the largest amount of damages ever awarded by the court. The human rights court ruled today that Russia had failed to “strike a fair balance” in its treatment of Yukos and had forced the oil company [...]
BP share price drops after strong start July 29, 2014 Despite beating earnings expectations, BP has seen its share price slide this morning; possibly due to fears it is exposed to the fallout from the Yukos case. Russia has been ordered to pay $50bn (£29bn) to shareholders of the now defunct company after the Kremlin seized and broke up the company dishing out its assets. BP [...]
BP share price expected to rise as company beats earnings expectations July 29, 2014 BP has seen its underlying earnings up 34 per cent on last year, thanks in part to a payout from an oil deal with Rosneft. Underlying earnings for the second quarter came in at $3.6bn, 34 per cent higher than last year and up from the $3.4bn that an analyst poll by Bloomberg had suggested. UPDATE: BP [...]
Russia ordered to pay £29bn to Yukos investors July 28, 2014 THE HAGUE’S arbitration court yesterday ordered Russia to pay a group of Yukos shareholders $50.02bn (£29.4bn) in compensation for deliberately bankrupting the oil company, at a time when relations between Russia and the West were already on a knife edge. The arbitration panel in the Netherlands awarded shareholders in the GML Group, a former Yukos [...]
Russia forced to pay $50bn to Yukos shareholders for expropriating oil assets July 28, 2014 As Putin's international image slips to a new nadir over Ukraine, Russia has been ordered by the Hague's arbitration court to repay $50bn to shareholders in defunct oil company Yukos. The Russian state had expropriated the assets of Yukos, forcing the company into bankruptcy. A $50bn hit will come as a large blow to the former-soviet [...]
Khodorkovsky released as Putin’s regime loosens grip ahead of Winter Games December 20, 2013 Mikhail Khodorkovsky, once Russia's richest man, has been released after serving a prison sentence which lasted more than a decade. Official reports say he has already left the remote prison colony near the Arctic Circle, where he was incarcerated. Russian President Vladimir Putin vowed to free Khodorkovsky, a former political rival, but many of Putin's [...]
Rosneft and Exxon sign deal brokered by Putin April 16, 2012 RUSSIAN state oil firm Rosneft and US Exxon Mobil Corp signed a wide-ranging strategic partnership broker by Russian leader Vladimir Putin yesterday. The landmark deal will grant Rosneft access to projects in North America, where Exxon is developing hard-to-recover reserves in West Texas, the Canadian province of Alberta and in the Gulf of Mexico. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 20, 2011 FINANCIAL TIMES TESCO BANK FACES MORTGAGE DELAY Tesco faces a fresh delay to the roll-out of Tesco Bank, with mortgages unlikely to be launched until early next year. Britain’s biggest retailer by sales had been expected to introduce mortgages this autumn but, having bought out Royal Bank of Scotland’s 50 per cent share in their [...]
Exxon ties up Arctic deal with Rosneft August 30, 2011 US oil giant Exxon and Russian peer Rosneft are to jointly develop oil and gas reserves in the Russian Arctic, opening up one of the last unconquered drilling frontiers to the global industry No.1. The deal has ended any hope of BP reviving its own pact with Rosneft to develop the same Arctic territory – [...]