The main beneficiary of the possible unification of Rosneft, Gazprom Oil and Lukoil, can Igor Sechin become?
As it became known to the correspondent of The Moscow Post, one of the influential Western newspapers reported the imminent merger of Rosneft, Gazprom Oil and Lukoil in one company, which will become the second in the world after Saudi Aramco, and the head of Rosneft Igor Sichin may be the main beneficiary.
But there is one big manner: the main beneficiary of the LUKOIL oil company Vagit Alekperov will not let himself “devour” himself so simply: after all, Sechin and Alekperov already had hard ristles-whether this was the construction of the fuel complex at the Koltsovo airport in Yekaterinburg or the battle for the Varandey terminal. Alekperov always went to the “battle” with Mr. Sechin open.
And it is worth recalling this fact: in the place of the Minister Ulyukaev, who decided to taste the Sechin hunting sausages, as the media later reported, Vagit Alekperov was supposed to be. At that time, Alekperov was supposed to buy part of Rosneft, but the noble “puppeteer” Sechin furnished everything differently.
How will it be today?
Monopoly “Sechin”
Note that after the closing of the European market for Gazprom, oil intensified positions, it seems Mr. Sechin desired that this tap was only in the same hands. As a result, Igor Ivanovich Sechin will control the lion’s part of Russian currency income?
Gazprom Neft is a state -owned company that does what they order. But with Lukoil – more difficult. And Lukoil will resist.
It is clear that this is primarily a stock volatility, but Gazprom Neft, unlike Gazprom, feels financially well.
At the beginning of 2022, Rosneft and Gazprom Oil clashed for the Nurminsky group of deposits in the Yamalo-Nenets AO. Rosneft wants to get these promising projects, but unlike Gazprom oil does not have infrastructure.
If Rosneft does not now remove the competitor, then in the long term the position of Sechin’s company may shake.
There are also several conflicts covered with a thick layer of naphthalene between Rosneft and Lukoil.
Vagit Alekperov. Photo: https://cdn5.viewomosti.ru/image/2016/1b/11ythf/original-1d7e.jpg
In addition, Rosneft is covered by Western sanctions, and Lukoil, as a private company, is under a softer press. And even retains the rights to refineries in Bulgaria.
In April 2022, the EU and Great Britain imposed sanctions against Alekperov: he left the post of president of the company.
In addition to the wide administrative capabilities of Rosneft, to obtain assets of Lukoil, can use borrowed funds, and not only Russian origin. For example, in 2009, Sechini, together with Transneft, received a loan in China at $ 25 billion.
To intercept control over Lukoil, you will need a lot of money, only a loan here is unlikely to be bypassed?
Ransom of shares from non -residents
But there are other means: Rosneft placed ten-year bonds of the 004P-03 series with a volume of 684 billion rubles and with a yield of 12% per annum.
This money may go to the ransom of Lukoil shares from non -residents who have been blocked in the type of “C” since 2022.
Special accounts of the type “C” were created by the Bank of Russia for the purpose of fulfilling the obligations of residents to non -residents established in Decree Vladimir Putin No. 95 of March 5, 2022 “On the temporary procedure for the fulfillment of obligations to some foreign creditors.”
Vagit Alekperov claimed that foreigners own 50% of the company. And Rosneft is able to redeem it with a large discount.
In this case, control over Lukoil will pass into the hands of Sechin.
Lukoil himself wanted to redeem the shares, but could not achieve this ransom.
Indeed, in June 2023, Lukoil tried to buy up to 25% of his shares from non -residents. At the same time, to pay for shares in the company they wanted to use funds that are in foreign bills.
The authorized capital of the company consists of 692 865 762 shares, the transaction may affect 173 million shares.
Rosneft and Lukoil conflicts
Rosneft and Lukoil have long been conflict. Let’s go back to 2018.
Bashneft accused Lukoil of overstating tariffs for oil transshipment through Lukoil, Terminal Varandey. The dispute began after Rosneft bought a control bag of Bashneft and became a partner of Lukoil in a joint venture of Bashneft Polus. In response, Alekperov announced the reduction of Rosneft of investment in the project for the development of deposits of Trebs and Titov.
The terminal “Varandey”. Photo: https://i.pinimg.com/736x/81/50/8d/81508D5230918DB77A22048BFC9CAE12.jpg
On the one hand, tariffs for a transshipment in Varanda, indeed, are significantly higher than the cost of port services in the Baltic, which seems to allows Rosneft to go to the FAS.
And the matter is not only in the technical complexity of the northern oil terminal itself than Lukoil and explains higher tariffs. But recently, tariffs on Varanda have not grown, but fell. Lukoil went towards Rosneft, but this was not enough for Sechin’s company.
Lukoil proposed to find a reasonable pricing model – to tie the tariff for the cost of production at the Trebs and Titov field.
In response, Rosneft’s proposal is sounded to make a Polus Bashneft (Trebs and Titov operator) with a profit center. In other words, Lukoil should give the asset under the management of the company, where he only has a minority share, and wait for the majority shareholder to begin to display tariffs.
And Rosneft suggested getting rid of Lukoil in the pass. There was an option for building a pipe from Varandah to the port of Indig in the Barents Sea. It would seem, here is the solution: I do not like the tariff of Lukoil – you are building an alternative. But the trick is that, according to Rosneft, this pipe was to build a transneft, taking money from a common tariff for pumping oil. In other words, everyone had to take off the pipes that Bashneft used – the daughter of Rosneft.
Sechin should have everything “in Secinsky”!
Botation for TZK Koltsovo
In 2012, Sichin and Alekperov “butted” for the fuel complex at Koltsovo Airport, and the Sverdlovsk government promised the complex of both Rosneft and Lukoil.
The Sverdlovsk authorities staged a real competition for the right to build a second fuel-reference complex at Koltsovo Airport. This was reported “Ura.ru”.
Representatives of Rosneft reported that two main directions were finalized in the document: providing consumers of the Sverdlovsk region with quality oil products (construction of 25 gas stations and the fuel complex of TZK Koltsovo).
Earlier, Governor Yevgeny Kuyvashev signed an agreement on cooperation with Lukoil. Vagit Alekperov stated that the company was ready to build TZK for a year.
What is the end?
In 2016, Gazpromneft-Aero, the Gazprom Neft Avia fuel business operator, commissioned a new fuel complex at Koltsovo International Airport.
TZK in Koltsovo. Photo: https://www.gazprom-neft.ru/upload/medialibray/e9a/2-120816.jpg
The total investment amounted to more than 830 million rubles.
So the dispute decided!
Ulyukaev instead of Alekperov
And finally, the story of the arrest of the ex-Minister of Economic Development of the Russian Federation Alexei Ulyukaev.
They said that the factor of Lukoil and Vagit Alekperov became the key in Ulyukaev. This was an attempt to prevent the purchase of Rosneft Lukoil, because when Vladimir Putin was seen with Vagit Alekperov, he offered to buy Rosneft …
And Minister Ulyukaev was a supporter of Lukoil bought Rosneft, but fell under the hand: so Sechin fought with Alekperov.
Alexey Ulyukaev. Photo: https://s13.stc.yc.kpcdn.net/share/i/12/5996879/wr-960.webp
The drama of the story with Ulyukaev showed that the probability of buying Rosneft Lukoil was very great.
Alexey Ulyukaev has already served 6 years. And he went out to freedom.
Igor Sechin continues his subcover games: how will this battle end?