Editing Rosneft (section)

=== 2000s ===
From 2002 to 2004, the company's primary objectives were strengthening control over its assets, reducing the debt burden, and obtaining licenses in Eastern Siberia. The determining factor in enhancing the role of Rosneft in the Russian oil industry has been the support of the country's top leadership.{{vague|date=June 2023}} The company, during this time, managed to restore its status after its rough start in the 1990s with the acquisition of Krasnodar Oil and Gas Company in 2002 and Northern Oil Company in early 2003. In addition, in 2002, the company received a license for the development of the Sakhalin-IV and Sakhalin-V project,<ref>{{cite journal |url=https://carnegieendowment.org/files/Rosneft.pdf |title=Rosneft as a Mirror of Russia's Evolution |via=[[Carnegie Endowment for International Peace]] |access-date=5 May 2020 |first=Nina |last=Poussenkova |publisher=Institute of World Economy and International Relations, Russian Academy of Sciences |journal=Pro et Contra |volume=10 |issue=2 |date=June 2006}}</ref> and in 2003 a license for the development of the [[Sakhalin-III]] project.{{Citation needed|date=November 2020}}

In 2005, Rosneft acquired a 25.94% stake in the company [[Verkhnechonsk field|Verkhnechonskneftegaz]]<ref>{{cite book |url={{GBurl|sPZ6zQEACAAJ|page=67}} |title=Russia Oil and Gas Exploration Laws and Regulation Handbook (Vol.1) |date=2013 |work=International Business Publications USA |pages=67 |isbn=978-1-4330-7894-1 |access-date=19 May 2020 |last1=Usa |first1=Usa Ibp |publisher=International Business Publications, USA }}</ref> and became the leading oil company of Russia in terms of production.<ref name="History" /><ref name="term">{{cite web|url=https://www.azernews.az/oil_and_gas/126234.html |title=SOCAR to export Russian oil products|date=29 January 2018|work=AzerNews|access-date=11 May 2020}}</ref>

In 2007, the company for the first time entered the annual list of one hundred most respected firms and companies in the world according to the weekly ''Barron's'', in 99th place.<ref>{{Cite news|url=http://www.rbcdaily.ru/2007/09/16/world/293271 |script-title=ru:Авторитеты из России |trans-title=Authorities from Russia |date=9 September 2012 |work=[[RBK Daily]] |access-date=21 March 2018 |url-status=dead |archive-url=https://archive.today/20120909102522/http://www.rbcdaily.ru/2007/09/16/world/293271 |archive-date=9 September 2012 |first=Roman |last=Kirillov |language=ru}}</ref> By the same year, Rosneft produced 100 million barrels of oil, 20% of Russia's output at the time.<ref name="History" /> In March 2007, Rosneft had announced it hoped to increase production from 80&nbsp;million tonnes to 103 million tonnes from 2006 to the end of 2007, extract 140&nbsp;million tonnes of oil by 2012, and become a global top three energy company.<ref>{{cite news|url=http://www.petroleumworld.com/story07090309.htm |title=Russia's Rosneft Aiming to Become Top Global Oil Company |date=9 March 2007 |agency=AFP |work=Petroleumworld |publisher=Elio Ohep Fitzgerald |url-status=dead |archive-url=https://web.archive.org/web/20150510011755/http://www.petroleumworld.com/story07090309.htm |archive-date=10 May 2015}}</ref>

When the [[Great Recession]] struck Russia in late 2008, Rosneft was able to endure the economic pains by improving and strengthening business lines, management, and [[transparency (behavior)|transparency]], and as a result, became a leading oil company domestically and internationally.<ref name="History" />

In February 2009, a number of agreements were negotiated between Russia and China that provided a 20-year contract for an annual supply of 15 million tons of oil between the [[China National Petroleum Corporation|Chinese National Petroleum Corporation]] (CNPC) and Rosneft, cooperation between CNPC and [[Transneft]] to construct and operate a branch of the [[Eastern Siberia–Pacific Ocean oil pipeline|Eastern Siberia–Pacific Ocean]] (ESPO) oil pipeline to China, and the provision of loans for US$25 billion—US$15 billion from Rosneft and US$10 billion from Transneft—by the [[China Development Bank]] on the [[Security (finance)|security]] of supplies.<ref>{{cite book |url={{GBurl|EpadDQAAQBAJ}} |title=The Challenge of BRIC Multinationals |date=2017 |work=Emerald Group Publishing Limited |pages=461 |isbn=978-1-78635-349-8 |access-date=14 May 2020 |last1=Tulder |first1=Rob van |last2=Verbeke |first2=Alain |last3=Carneiro |first3=Jorge |last4=Gonzalez-Perez |first4=Maria Alejandra|publisher=Emerald Group }}</ref><ref>{{cite web|url=https://www.spglobal.com/platts/en/market-insights/latest-news/oil/020714-russias-rosneft-chinas-cnpc-in-talks-on-upstream-pact-deals-possible-by-may-reports|title=Russia's Rosneft, China's CNPC in talks on upstream pact, deals possible by May: reports |date=7 February 2014 |work=S&P Global Platts |access-date=14 May 2020}}</ref><ref>{{cite book |url={{GBurl|yxk4paS_HfUC|page=342}} |title=Rebalancing and Sustaining Growth in China|date=2012|work=The Australian National University |pages=342 |isbn=978-1-921862-80-9 |access-date=14 May 2020 |last1=McKay |first1=Huw |last2=Song |first2=Ligang|publisher=ANU E Press }}</ref>

====Acquisition of assets of Yukos====
{{See also|Yukos}}
[[File:Moscow, Sofiyskaya embankment.jpg|thumb|265px|The Rosneft headquarters next to the [[Saint Sophia Church, Moscow|Saint Sophia Church]] on the bank of the Moskva River]]
Starting in 2004, the Russian government organized a series of auctions to sell the assets of [[Yukos]] Oil Company, of which Rosneft won the majority. On 22 December 2004, Rosneft purchased [[Baikal Finance Group]], which bought [[Yuganskneftegaz]] (Yugansk), a main asset of Yukos, three days earlier at a state-run auction for [[United States dollar|US$]]9.35 billion to satisfy tax debts.<ref name="asset">{{cite news |url=https://www.ft.com/content/f371c836-1645-11e4-93ec-00144feabdc0 |title=Timeline: The rise and fall of Yukos |work=[[Financial Times]] |date=28 July 2014 |access-date=11 May 2020 |url-access=subscription}}</ref> According to some estimates,{{who|date=January 2015}} this operation was directed by Russian authorities in order to nationalize Russia's oil and gas industry. In response to the deal, [[Andrei Illarionov]], then a senior Putin economic advisor, denounced it as "fraud of the year".<ref>{{Cite news |url=http://www.mosnews.com/money/2004//12/28//illarionov.shtml |title=Putin's Advisor Calls Yuganskneftegaz Sale "Fraud of the Year" |date=29 December 2004 |work=MosNews |access-date=21 March 2018 |url-status=usurped |archive-url=https://archive.today/20041229122106/http://www.mosnews.com/money/2004//12/28//illarionov.shtml |archive-date=29 December 2004}}</ref>

In 2005, [[Mikhail Khodorkovsky]] (former chairman of [[Bank Menatep|Menatep]]) and [[Platon Lebedev]] (business partner of Khodorkovsky) were sentenced to nine years in prison for fraud and [[tax evasion]]. In February 2007, they were charged again and accused of stealing $25 billion worth of oil from Yukos subsidiaries. They were convicted, but in 2013 [[Vladimir Putin|Putin]] pardoned Khodorkovsky and 2014 the [[Supreme Court of Russia|Russian supreme court]] announced that Lebedev should also be freed early.<ref name="asset" />

The purchase of Yugansk in 2005<ref>{{cite news |url=http://news.bbc.co.uk/2/hi/business/4315593.stm |title=Managers' row hits Russian merger|date=3 March 2005 |work=[[BBC News]] |access-date=11 May 2020}}</ref> greatly increased the number of assets and production for Rosneft. Subsequently, Rosneft filed a lawsuit against Yukos in connection with the use of the understated transfer prices for the purchase of oil from Yuganskneftegaz prior to its breakup. At the same time, Rosneft itself also purchased oil and gas from its subsidiary, Yuganskneftegaz, at [[Transfer pricing|transfer prices]].{{Citation needed|date=March 2018}}

[[File:RF NG pipestoEU.gif|thumb|180px|Major existing and planned natural oil and gas pipelines supplying [[Petroleum industry in Russia|Russian oil and gas]] to Europe]]
In May 2007, Rosneft won a number of auctions for the sale of Yukos' assets, including five refineries and oil companies Tomsk Oil Company and Samara Oil and Gas Company, making it the largest oil company in Russia. According to experts on the Russian newspaper ''[[Vedomosti]]'', the assets of Yukos, bought by Rosneft at auction organized by the state, went to the company at a discount of 43.4% of the market price of this property. In 2007, the former assets of Yukos provided 72.6% of oil and gas condensate production and 74.2% of Rosneft's primary refining.<ref name="dcv">{{cite news |url=http://www.vedomosti.ru/newspaper/article.shtml?2007/09/25/133276 |script-title=ru:Прокурорский дисконт |trans-title=Prosecutor's discount |first=Irina |last=Reznik |date=25 September 2007 |work=[[Vedomosti]] |url-access=subscription |language=ru}}</ref> In June, Rosneft paid $731&nbsp;million for the transportation assets of Yukos, which had declared bankrupt in August 2006 after three years of litigation over tax arrears.<ref name=eurasia1>{{cite web |publisher=Oil & Gas Eurasia |url=http://www.oilandgaseurasia.com/articles/p/36/article/343/ |title=Rosneft Gets More of Yukos |date=June 2007 |access-date=27 August 2007 |archive-url=https://web.archive.org/web/20120208084343/http://www.oilandgaseurasia.com/articles/p/36/article/343/ |archive-date=8 February 2012 }}</ref> In August, Bogdanchikov said that although the Yukos acquisitions had increased Rosnefts debt to $US&nbsp;26 billion, he planned to reduce debt to 30% of total assets by 2010 by tripling refining capacity and expand into China.{{citation needed|date=April 2023}}

====Initial public offering of 2006====
In July 2006, Rosneft placed 15% of its shares traded with a total value of US$10.7 billion in an [[initial public offering]] (IPO) at the [[London Stock Exchange]], the [[Russian Trading System]], and the [[Moscow Interbank Currency Exchange]]. Part of the shares were distributed among the Russian population through banks such as [[Sberbank of Russia|Sberbank]] and [[Gazprombank]].<ref name="History" /><ref>{{cite book |url={{GBurl|6QjcAAAAQBAJ}} |title=Power and Policy in Putins´s Russia|date=2009|publisher=Routledge |isbn=978-1-317-98994-3 |access-date=14 May 2020|last1=Sakwa|first1=Richard}}</ref><ref>{{cite book |url={{GBurl|VJ1FCgAAQBAJ}} |title=Mergers, Acquisitions, and Other Restructuring Activities |date=2012 |pages=574 |isbn=978-0-12-801610-7 |access-date=14 May 2020|last1=Depamphilis|first1=Donald|publisher=Academic Press }}</ref>

The [[Federal Financial Markets Service|Federal Service for Financial Markets]] authorized the placement and circulation outside the country of a 22.5% stake in Rosneft.<ref>{{cite web|url=https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ROSN/13622556.html |title=Consolidated financial statements 2017|date=31 December 2017|work=London Stock Exchange|access-date=19 May 2020}}</ref>

Rosneft announced a placement value of US$5.85–7.85 per share and [[global depository receipt]] (GDR), based on the company's capitalization after [[Reverse stock split|consolidation]] of US$60–80 billion. It planned to place shares for at least US$8.5 billion in order to repay loans to Western banks, including interest and taxes.<ref>{{cite web|url=https://www.thestar.com.my/news/nation/2006/07/14/investors-eagerly-await-rosneft-ipo-petronas-among-bidders|title=Investors eagerly await Rosneft IPO, Petronas among bidders|date=14 July 2006|work=TheStar|access-date=19 May 2020}}</ref>

On 14 July, the official results of the placement value were announced. Shares were priced at US$7.55, almost at the upper end of the price band, resulting in Rosneft's [[Market capitalization|capitalization]]—taking into account the upcoming consolidation of its subsidiaries—at a value of US$79.8 billion, making Rosneft surpass [[Lukoil]] as the largest oil company in Russia. Investors bought 1.38 billion shares for US$10.4 billion: 21% of the shares were bought by strategic investors, 36% from international investors from North America, Europe, and Asia, 39% from Russian investors, and 4% from Russian retail investors. 49.4% of the total IPO volume accounted for four investors, including [[BP]] for US$1 billion, [[Petronas]] for US$1.5 billion, and the [[China National Petroleum Corporation|CNPC]] for $0.5 billion. Individuals submitted applications for the purchase of 99,431,775 shares of the oil company, and as a result, most of the new shareholders were individuals; partly because of this IPO was given the unofficial name of "people's."<ref>{{cite news |url=http://www.ipocongress.ru/rus/analytics/articles/id/3988/ |script-title=ru:"Роснефть": "народное IPO" обернулось скандалом |trans-title=Rosneft: "people's IPO" turned into a scandal |date=9 June 2010|work=ipocongress.ru|access-date=22 March 2018|archive-url=https://web.archive.org/web/20120202183107/http://www.ipocongress.ru/rus/analytics/articles/id/3988/|archive-date=2 February 2012|url-status=dead |language=ru}}</ref><ref>{{Cite news|url=https://www.kommersant.ru/doc/1499211|title=ОАО НК Роснефть |trans-title=OJSC NK Rosneft |date=9 June 2010 |work=[[Kommersant]] |access-date=21 March 2018|pages=9}}</ref>

Rosneft's IPO became the largest in the history of Russia and the fifth in the world in terms of the amount of money raised at the time. The announced amount could increase by another US$400 million if the global placement coordinators realize the option of buying another 53 million GDRs of Rosneft at the price of placement within 30 days.<ref name="History" />

==== On Abkhazia ====
{{See also|Abkhazia}}

On 26 May 2009, a five-year cooperation agreement was negotiated between Rosneft and the [[Abkhazia]]'s Ministry of Economy. The parties stated their intention to develop mutually beneficial cooperation in areas as [[Prospecting|geological prospecting]], development of oil and gas fields, production of [[hydrocarbon]]s, and sale of oil, natural gas and oil products. Rosneft undertook [[Hydrocarbon exploration|exploration]] on the shelf in the Ochamchire area, discovering preliminary reserves estimated at 200 million to 500 million tons of oil equivalent. In addition to drilling and creating its own sales network, Rosneft also planned the construction of mini-refineries in Abkhazia.<ref>{{cite press release |url=http://www.rosneft.ru/news/pressrelease/26052009.html |date=26 May 2009 |script-title=ru:НК «Роснефть» и Минэкономики Абхазии договорились о сотрудничестве |trans-title=NK "Rosneft" and the Ministry of Economy of Abkhazia agreed on cooperation |archiveurl=https://web.archive.org/web/20101127222258/http://www.rosneft.ru/news/pressrelease/26052009.html |archivedate=2010-11-27 |publisher=Rosneft |language=ru |access-date=22 March 2018}}</ref><ref>{{Cite web |url=http://www.expert.ru/articles/2009/08/25/rosnanhaz/ |title="Роснефть" признала Абхазию |trans-title=Rosneft recognized Abkhazia |work=Expert Online 2.0 |date=31 August 2009|access-date=22 March 2018|url-status=bot: unknown|archive-url=https://web.archive.org/web/20090831212102/http://www.expert.ru/articles/2009/08/25/rosnanhaz/|archive-date=31 August 2009}}</ref>

According to Rosneft, the company provides more than half of the retail sales of oil products in Abkhazia. In 2014, Rosneft exported 47 thousand tons of oil products to Abkhazia. Since 2015, Rosneft has been supplying aviation fuel for [[Sukhumi Babushara Airport]].<ref name="росн">{{cite press release |url=http://www.rosneft.ru/news/pressrelease/310720152.html |script-title=ru:Позиция «НК «Роснефть» по вопросу о сотрудничестве с республикой Абхазия |trans-title=Position of "NK" Rosneft "on the issue of cooperation with the Republic of Abkhazia |date=31 July 2015 |publisher=Rosneft |language=ru |access-date=22 March 2018 |archive-url=https://web.archive.org/web/20150803044506/http://www.rosneft.ru/news/pressrelease/310720152.html |archive-date=2015-08-03}}</ref>

As part of the project to develop the Gudauta area on the Black Sea shelf, Rosneft carried out a full range of geophysical and geochemical research, conduct 2D and 3D seismic surveys, and start preparations for exploratory drilling.<ref name="росн" /> In June 2014, Rosneft extended the shelf study period to five years.{{citation needed|date=October 2024}}

In July 2015, however, the new President of Abkhazia, [[Raul Khajimba]], who replaced [[Alexander Ankvab]] after his resignation, spoke out against the exploration and production of oil on the offshore shelf of Abkhazia and asked the [[People's Assembly of Abkhazia|People's Assembly]] to consider the possibility of establishing a "commission for the comprehensive study of issues related to the conclusion of contracts for exploration and production hydrocarbons by the previous Abkhaz leadership."<ref name="вести">{{cite news |url=http://www.vestifinance.ru/articles/60776 |script-title=ru:Власти Абхазии вытесняют "Роснефть" из страны |trans-title=Abkhazian authorities oust Rosneft from the country |language=ru |work=Vesti Finance |access-date=22 March 2018 |archive-date=23 March 2018 |archive-url=https://web.archive.org/web/20180323031015/http://www.vestifinance.ru/articles/60776 |url-status=dead }}</ref>

A group of deputies of the People's Assembly drafted a bill banning the development of hydrocarbons in Abkhazia. Supporters of the bill demanded the prohibition of the development of the offshore shelf in Abkhazia for 30 years.<ref name="вести" />