Rosneft created a new “daughter” to replace the US sanctioned
US, WASHINGTON (ORDO NEWS) — Rosneft has registered in Switzerland a new trading “daughter” in return for being under US sanctions, Reuters learned. The new company does not plan to conduct operations with Venezuela.
Rosneft created a new trading company, Energopol SA, having registered it in Geneva, Reuters reported citing four sources. According to the agency’s interlocutors, the new organization will take over most of the business of the Swiss subsidiary of the state company Rosneft Trading SA (RTSA), whose activities were suspended due to US sanctions.
The fact of registration of a new company in Geneva Reuters confirmed the representative of Rosneft. “Energopole SA is a 100% subsidiary of Rosneft. This subsidiary is engaged in commercial activities in the interests of Rosneft and has nothing to do with RTSA,” he said.
According to two Reuters sources, some Rosneft Trading employees will move to Energopol, but not all: top managers and directors are unlikely to work in the new company. The difference between the new Swiss “daughter” of “Rosneft” from the previous one is that it will not conduct trade operations with Venezuela, sources say. In particular, Energopol will supply the oil refineries of Rosneft in Germany and trade in oil and oil products in Europe, the agency said.
In February, Rosneft Trading and Didier Casimiro, chairman of the board of directors of the company, came under US sanctions for working in the Venezuelan oil sector. The United States warned that anyone who does business with Rosneft Trading or Kasimiro is at risk of being sanctioned. Rosneft called the sanctions “illegal, unfounded”, as well as “an act of legal arbitrariness”.
Immediately after the introduction of US sanctions, several buyers demanded that Rosneft Trading be removed from the supply chain, Reuters reported . “In terms of logistics, this is a huge headache. A lot of contracts will have to be changed, ”one of the sources familiar with Rosneft’s activities told the agency.
In May, the head of Rosneft, Igor Sechin, said that the company had completely ceased its activities in Venezuela and withdrew from all projects in the country, including oil and oilfield service enterprises.
Rosneft Trading is one of the largest buyers of Russian oil. In a Forbes version of the largest buyers of Russian oil published in April, the company took third place with a purchase volume of 28 million tons and a contract volume of $ 12.5 billion.
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