Transneft

Transneft JSC
Native name
 Транснефть
Public (OAO)
Traded as MCX: TRNFP
Industry Oil and gas
Founded 14 August 1993 (1993-08-14)
Headquarters Moscow, Russia
Key people
 Nikolay Tokarev (Chairman)
Alexander Novak
(Chairman of the Board of Directors)
Services Pipeline transport
Revenue $12.6 billion[1] (2016)
$4.17 billion[1] (2016)
$3.47 billion[1] (2016)
Total assets $41.3 billion[1] (2016)
Total equity $25.6 billion[1] (2016)
Owner Ministry of Energy (Russia) (78.6%)[2][3]
Number of employees
 106,000 (2008)
Subsidiaries Transnefteproduct
Website www.transneft.ru

Joint Stock Company Transneft (Russian: Транснефть) is a Russian state-owned transport monopoly, the largest oil pipeline company in the world. JSC "Transneft" is operating over 70 thousand kilometers of trunk pipelines.[4] It transports about 90% of oil and 30% of oil products produced in Russia, in addition to considerable volumes of crude hydrocarbons from the CIS countries. The company is headquartered in Moscow and led by Nikolay Tokarev.

History

Oil Transporting Joint-Stock Company Transneft was established by Decree of the Government of the Russian Federation No. 810 dated 14 August 1993 in pursuance of Decree of the President of the Russian Federation No. 1403 dated 17 November 1992. The founder is the Government of the Russian Federation. Transneft, JSC was registered by the Moscow Registration Chamber on 26 August 1993, certificate No. 026.800.[4]

Transneft's core business

  • pumping, coordination and management of pipeline transportation of oil and oil products via trunk pipelines across Russia and abroad.
  • comprehensive development of the oil trunk pipeline network and other pipeline transport facilities
  • coordination of steps for solution of scientific and technological progress issues in pipeline transportation, introduction of new technologies and materials.
  • cooperation with international pipeline transportation companies for the purposes of oil and oil products transportation in accordance with intergovernmental agreements.
  • raising funds for development of production capacities, expansion and rebuilding of Transneft subsidiaries’ facilities.
  • organization and provision of environmental safety measures at the locations of trunk pipeline transportation facilities.

Pipeline project accusations

Documents submitted by Transneft to the Russian Audit Chamber in 2008 were found at the disposal of Alexey Navalny, minority shareholder of Transneft JSC. The papers, published on 16 November 2010, contain information regarding multiple economic crimes committed by Transeft employees, its daughter structures and contractors in the construction of the Eastern Siberia – Pacific Ocean oil pipeline. The documents described Transneft executives’ setting up a series of shell companies to pose as contractors for Transneft’s pipeline project.

Navalny posted an audit indicating that the contracting fraud had cost Transneft $4 billion. Both Transneft and the government auditing office, whose documents Navalny said he leaked on his site, denied the corruption claim. Prime Minister Vladimir Putin called for an investigation into the allegations.

All facts of theft and fraud were confirmed by the company management. The reports that recorded the breaches were endorsed by the officials.[5][6]

See also

References

  1. 1 2 3 4 5 https://www.transneft.ru/u/section_file/27845/tn_ifrs_12m2016_eng.pdf.
  2. ↑ "«Мы просто подстраховали государство»". Коммерсантъ. 12 January 2018. Retrieved 25 September 2018.
  3. ↑ "Реестр предприятий, находящихся в собственности РФ, госкорпораций, хозобществ, акции (доли) которых находятся в собственности РФ". ФГИАС. Retrieved 25 September 2018.
  4. 1 2 "Transneft".
  5. ↑ "ВЕДОМОСТИ – Навальный требует привлечь экс-менеджеров "Транснефти" к уголовной ответственности".
  6. ↑ "Навальный пошел по трубам – Радио Свобода © 2010 RFE/RL, Inc".

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