On the disclosure by Neftepromlizing LLC of the list of imported equipment under a $500 million loan

29.08.2011       

On August 29, a meeting of the Board of Directors of OJSC Rosneft will take place. The agenda included the issue of “related transactions planned for completion by OJSC NK Rosneft” and LLC "Neftepromleasing" with Nordea Bank AB (Publ), Sumitomo Mitsui Banking Corporation Europe Limited and Sumitomo Mitsui Finance Dublin Limited, which entail or may entail liabilities of the company and/or group company in an amount equal to or exceeding a monetary amount equivalent to US$500 million."< /p>

In essence, we are talking about a linked lending scheme used in countries that are not capable of producing equipment. Related loans contribute to hooking the Russian oil and gas complex on the “technological needle” and tie it to the supply of imported spare parts. The purchase of finished oil and gas equipment using tied loans leads to the degradation of the national industry. The large-scale import of Chinese drilling rigs under a tied loan ensured VTB Leasing is widely known. The deal caused damage to industrial enterprises in Yekaterinburg and Volgograd, which successfully manufacture similar equipment.

List of equipment to be imported into the country within the framework of a half-billion loan from OJSC Rosneft not openly published. This list has not been discussed with the wider industry community. It is of concern that the purchased equipment may be used for offshore work. There is a well-known story with the import of drilling platform “Hatton” and subsequent problems of Sevmash, which was forced to build the famous Prirazlomnaya based on the outdated one, a long-decommissioned and several times resold foreign platform. The main problem for Russian enterprises is the informational confidentiality of offshore procurement.

Effective use of Russian scientific, technical and production potential is possible only if there are promising procurement programs. OJSC "Rosneft" brings to the board of directors the issue of “interrelated transactions”, in which the subsidiary LLC Neftepromleasing is involved; worth half a billion dollars, but does not discuss the feasibility of such large-scale purchases with industrialists. The main shareholder of OJSC "Rosneft" is the state, therefore it is advisable to oblige Neftepromlizing LLC, which currently does not have its own website,