Transneft

Source: Wikipedia, the free encyclopedia.

Transneft JSC
Number of employees
106,000 (2008)
SubsidiariesTransnefteproduct
Caspian Pipeline Consortium (31%)[4]
Websitewww.transneft.ru

Joint Stock Company Transneft (

state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. The company is operating over 70,000 kilometres (43,000 mi) of trunk pipelines and transports about 80% of oil and 30% of oil products produced in Russia.[5][6][full citation needed
]

History

Transneft was established by the Government of the Russian Federation on 14 August 1993 and it was registered by the Moscow Registration Chamber on 26 August 1993.[6]

Semyon Vainshtok headed Transneft from 13 September 1999 to 11 September 2007.[7][a][b]

In 2008, Transnefteproduct, a company transporting refined oil products, was merged into Transneft.[14][15]

In 2018, Transneft took over 31% of shares which belonged to the Russian Federation in Caspian Pipeline Consortium.[4] In 2021, the company's revenue amounted to 998 billion rubles.[16]

Sanctions

Sanctioned by the United Kingdom from 12 September 2014 in relation to Russia's activities in Crimea.[17]

On February 24, 2022, in response to Russia's military operations in

EU imposed sanctions on Transneft.[20]

Operations

As of 2020[update], Transneft operated over 70,000 kilometres (43,000 mi) of trunk pipelines and transported approximately 80% of oil and 30% of oil products produced in Russia.[5][needs update]

Accusations

Documents submitted by Transneft to 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 US$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.[21][22]

Transneft has been repeatedly criticized for the lack of transparency regarding its expenditures on charity.[23] From 2007 to 2011, the company did not disclose information on recipients of these funds.[24] In 2011, Transneft officially published information about its charity expenditures. It turned out that from January to 2011, the company spent on charity 3,21 billion rubles. However, only 52 million rubles were used to support several charity institutions, and 2,55 billion rubles were transferred to the Konstantinovsky charity foundation (its chair was Vladimir Kozhin, a former head the Directorate of the President of the Russian Federation).[25]

See also

Notes

  1. ^ Through Semyon Vainshtok's Israeli based real estate company Israel Financial Levers Ltd., Vainshtok, who is a very close associate of Vladimir Putin, owns a 35% stake in the Lipstick Building in 2011.[7][8] Bernie Madoff's brokerage firm's offices were on the 19th floor of the Lipstick Building.
  2. Nikolai Tokarev to audit Transneft in late 2007 and found discrepancies involving Vainshtok during the construction of ESPO pipeline.[13] On April 17, 2008, he stepped down from Olimpstroy (Russian: Олимпстрой) which was the Russian state owned corporation that was developing the resort at Sochi for the 2014 Winter Olympics that Vainshtok had headed from September 11, 2007, and moved to London where he resided until 2010 when he moved to Israel.[7]

References

  1. ^ a b c d e "Transneft - IFRS financial statements 2020" (PDF). Transneft. 30 March 2021. p. 53. Retrieved 30 March 2021.
  2. ^ "Consolidated Financial Statements Prepared In Accordance With International Financial Reporting Standards (Ifrs) And Independent Auditors' Report For The Year Ended 31 December 2017" (PDF). Retrieved 7 November 2018.
  3. Rosimushchestvo
    . Retrieved 25 September 2018.
  4. ^ a b ""Мы просто подстраховали государство". "Транснефть" объяснила, зачем ей доля КТК" ["We just insured the state". Transneft explained why it needs a share of CPC]. Коммерсантъ. 12 January 2018. Retrieved 25 September 2018.
  5. ^ a b Soldatkin, Vladimir; Yagova, Olga (20 April 2020). "Russia to extend Transneft chief's contract despite oil contamination crisis". Reuters. Retrieved 9 May 2020.
  6. ^ a b "Company". Transneft.
  7. ^ a b c d "And Hess and M. Weinstock photos. Semyon Weinstock came under a major criminal case. Guerrilla war of "family" oligarchs". Tobevoice.ru website. 2016. Retrieved 28 January 2021.
  8. ^ Zaslavskiy, Ilya G. (16 November 2013). "Export of Corrosion: How Practices from Russia Penetrate and Undermine US and UK" (PDF). p. 43. Retrieved 19 March 2022.
  9. ^ a b Сомин, Андрей (Somin, Andrey) (1 June 2010). "Свидетель с обвинением: Семен Вайншток ответил за ЮКОС, теперь ответит за себя" [Prosecution witness: Semyon Vainshtok was in charge of YUKOS, now he will answer for himself.]. «Век» (wek.ru) (in Russian). Archived from the original on 4 June 2010. Retrieved 19 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link) Alternate archive
  10. ^ a b Резник, Ирина (Reznik, Irina); Сункина, Виктория (Sunkina, Victoria) (30 November 2007). "Новый нефтеуполномоченный. У основателя Gunvor Геннадия Тимченко «отличные контакты», признался недавно директор этого нефтетрейдера, но «вовлекать в этот разговор г-на Путина <...> спекуляция». На таких спекуляциях торговля нефтью и держится" [New Oil Commissioner. The founder of Gunvor, Gennady Timchenko, has "excellent contacts," the director of this oil trader recently admitted, but "to involve Mr. Putin in this conversation <...> is speculation." It is on such speculations that the oil trade keeps]. Vedomosti (in Russian). Archived from the original on 30 November 2007. Retrieved 19 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link)
  11. ^ "Как разворовать Родину: мастер-класс российских олигархов для украинцев: Российский аудитор не заметил $ 2 млрд.¸ исчезнувшие в российской трубе, и взялся за украинский газ" [How to plunder the Motherland: a master class of Russian oligarchs for Ukrainians: The Russian auditor did not notice the $ 2 billion that disappeared in the Russian pipe, and took up the Ukrainian gas.]. RUpor.info (in Russian). 10 April 2009. Archived from the original on 12 April 2009. Retrieved 19 March 2022.
  12. ^ Гавшина, Оксана (Gavshina, Oksana); Резник, Ирина (Reznik, Irina) (17 November 2010). "Миллиарды из трубы" [Billions from the pipe]. Vedomosti (in Russian). Archived from the original on 21 November 2010. Retrieved 19 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link)
  13. ^ Шлейнов, Роман (Shleinov, Roman) (11 February 2013). "Ревизор из "разведочной партии"" [The inspector from the "reconnaissance party"]. Vedomosti (in Russian). Archived from the original on 11 February 2013. Retrieved 19 March 2022.{{cite news}}: CS1 maint: multiple names: authors list (link)
  14. ^ "Transneft, Transnefteproduct Ordered to Consolidate". Kommersant. 17 April 2007. Archived from the original on 9 October 2012. Retrieved 20 September 2009.
  15. ^ "Transneft completes merger with Transnefteproduct". RosBusinessConsulting. 4 February 2008. Archived from the original on 27 February 2012. Retrieved 20 September 2009.
  16. ^ "ПАО "Транснефть"". www.rusprofile.ru (in Russian). Retrieved 27 October 2023.
  17. ^ "CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK" (PDF). 6 April 2022.
  18. ^ "U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift and Severe Economic Costs". 24 February 2022.
  19. ^ "FACT SHEET: Joined by Allies and Partners, the United States Imposes Devastating Costs on Russia". The White House. 24 February 2022. Retrieved 25 February 2022.
  20. ^ "EU introduces additional sanctions against Russia". 17 March 2022. Retrieved 8 February 2023.
  21. ^ "ВЕДОМОСТИ – Навальный требует привлечь экс-менеджеров "Транснефти" к уголовной ответственности". 16 November 2010.
  22. ^ "Навальный пошел по трубам – Радио Свобода © 2010 RFE/RL, Inc".
  23. ^ "Информация о благотворительной помощи "Транснефти" в 2011 г." Ведомости (in Russian). 27 July 2011. Retrieved 22 February 2023.
  24. ^ "Миноритарии "Транснефти" заставили милицию проверить, на что компания жертвует деньги". polit.ru. Retrieved 22 February 2023.
  25. ^ "«Транснефть» обнародовала данные о расходах на благотворительность". Forbes.ru (in Russian). 27 July 2011. Retrieved 22 February 2023.

External links