Transneft

Joint Stock Company Transneft (Russian: Транснефть) is a state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. Transneft 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] The company is led by Nikolay Tokarev.[5]

Not to be confused with Russneft.

Transneft JSC
Native name
Транснефть
TypePublic (OAO)
MCX: TRNFP
IndustryOil and gas
Founded14 August 1993 (1993-08-14)
Headquarters
Moscow
,
Russia
Key people
Nikolay Tokarev (Chairman)
Alexander Novak
(Chairman of the Board of Directors)
ServicesPipeline transport
Revenue$16.4 billion[1] (2019)
$4.38 billion[2][1] (2017; 2019)
$3.04 billion[1] (2019)
Total assets$51.4 billion[1] (2019)
Total equity$33.5 billion[1] (2019)
OwnerRosimushchestvo (78.6%)[3]
Number of employees
106,000 (2008)
SubsidiariesTransnefteproduct
Caspian Pipeline Consortium (31%)[4]
Websitewww.transneft.ru

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] In 2008, Transnefteproduct, a company transporting refined oil products, was merged into Transneft.[7][8]

In 2018, Transneft took over 31% of shares which belonged to the Russian Federation in Caspian Pipeline Consortium.[4]

Operations

Transneft 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]

Accusations

Documents submitted by Transneft to the Russian Audit Chamber in 2008 were found at the disposal of Alexey Navalny, a minority shareholder of Transneft. The papers, published on 16 November 2010, contain information regarding multiple economic crimes committed by Transeft employees including Semyon Vainshtok, 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 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.[9][10] These claims are unverified.

See also

References
  1. "Consolidated Financial Statements and Independent Auditors' Report for the year ended 31 December 2019" (PDF). Transneft. 6 March 2018. p. 60. Retrieved 6 March 2018.
  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. "Реестр предприятий, находящихся в собственности РФ, госкорпораций, хозобществ, акции (доли) которых находятся в собственности РФ" [Register of enterprises owned by the Russian Federation, state corporations, business communities, shares (shares) of which are owned by the Russian Federation]. Rosimushchestvo. Retrieved 25 September 2018.
  4. ""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. Soldatkin, Vladimir; Yagova, Olga (20 April 2020). "Russia to extend Transneft chief's contract despite oil contamination crisis". Reuters. Retrieved 9 May 2020.
  6. "Company". Transneft.
  7. "Transneft, Transnefteproduct Ordered to Consolidate". Kommersant. 17 April 2007. Archived from the original on 9 October 2012. Retrieved 20 September 2009.
  8. "Transneft completes merger with Transnefteproduct". RosBusinessConsulting. 4 February 2008. Archived from the original on 27 February 2012. Retrieved 20 September 2009.
  9. "ВЕДОМОСТИ – Навальный требует привлечь экс-менеджеров "Транснефти" к уголовной ответственности".
  10. "Навальный пошел по трубам – Радио Свобода © 2010 RFE/RL, Inc".
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