Rosneft optimizes the south

Rosneft sold four oil producing enterprises in the south of Russia to Centrgeko Holding as part of its asset portfolio optimization program. We are talking about 100% of RN-Stavropolneftegaz and, according to Kommersant, control over RN Ingushneft, Rosneft-Dagneft and Dagneftegaz. According to analysts, the combined assets may be worth $ 150-180 million. Part of the funds was provided by Sberbank, which received shares of the main owners of Tsentrgeko, Tatyana Morozova and Dmitry Kamyshev, as a pledge, as well as a minority stake in the company itself.

According to Kommersant’s information, Rosneft has sold part of its tail assets to a private Russian oil company, OOO Tsentrgeko Holding (TsGK). According to Kommersant’s data, TsGK Holding received 51% in RN Ingushneft (the remaining share is held by the authorities of Ingushetia), 68.7% in Rosneft-Dagneft (the remaining share is held by minority shareholders), control in Dagneftegaz and 100% of RN-Stavropolneftegaz (the transfer of the latter company is reflected in SPARK on June 7). The effective share of TsGK Holding in Dagneftegaz is 81.2%, including 40% directly, and the rest through Rosneft-Dagneft.

Reuters reported in March that Rosneft is selling 51% in RN Ingushneft. Rosneft has already sold this year old production assets, which it called “tailing”, to the structures of its former president Eduard Khudainatov for about $ 1.4 billion. The oil company indicated its intention to sell “tailings” with a total production of 10-14 million tons per year. “In the near future we will surely see the emergence of new players, the growth of medium-sized companies and consolidation in the industry as a whole,” the head of Rosneft, Igor Sechin, promised on June 5 during his speech at the SPIEF.

The total assets sold to TsGK Holding produce about 1 million tons of oil per year.

This is the first purchase of Centrgeko Holding, whose shareholders are Tatyana Morozova (76%), Dmitry Kamyshev (23%) and Sberbank Investments (1%). According to SPARK, the shares of shareholders are pledged in Sberbank, which, according to Kommersant, provided part of the borrowed funds for the transaction. The parties did not comment on the situation.

Tatyana Morozova heads the New Industry venture fund, which was founded by Gazprom Neft, Gazprombank, RVC and VEB.RF. Prior to that, she headed Gazprom Neft’s M&A department for 12 years. Dmitry Kamyshev advised on the supply of oil and oil products, worked as the first vice president of Transnefteprodukt and at Barclays Capital, then was engaged in private investments.

Rosneft has grown on oil prices

Since 2015, Mr. Kamyshev has been managing another company under the same name, Tsentrgeko, and owns 30% in it. A controlling stake of 69% belongs to Olga Nekrasova, daughter of the founder of the Leader-Group development company and a member of the Federation Council, Alexander Nekrasov. The company also has a track record of acquiring small oil fields with bank and trade finance. Tsentrgeko’s largest asset is LLC Noyabrskoye (owns licenses for the Zapadno-Noyabrsky and Yuzhno-Noyabrsky blocks with an annual production of about 200 thousand tons), which was acquired from Gazprom Neft in 2017. In addition, Tsentrgeko owns four plots in Yamal – Palnikovsky, Tsentralno-Tarkosalinsky, Paisyatsky and Khettinsky.

On the part of Rosneft, the deals look like a rational and well-known step in the world practice to alienate assets that are already depleted, do not have great growth potential from the point of view of large players, but require a lot of attention from the parent company, says Karen Dashyan from Advance Capital.

He adds that large oil companies primarily focus on large projects. After acquiring tail assets, medium-sized companies can optimize unnecessary procedures that are used by large players, thereby increasing the margins of projects, the expert said. According to Karen Dashyan, given the specifics of the production regions, not so significant level of reserves and falling production, this portfolio of assets may cost $ 150-180 million. The size of bank and trade financing in such transactions, he believes, may be 50-70%.

Dmitry Kozlov

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