In the first quarter of this year, the United States launched new sanctions against its Swiss trading subsidiary, coupled with the combined impact of the new crown pneumonia epidemic and the collapse of international oil prices, Russia’s largest state-owned oil company Rosneft experienced its first quarterly loss in eight years. The Russian government began to re-examine its development prospects. A few days ago, Rosneft officially completed the restructuring of its shareholding structure and is about to remove the "state-owned" label.
Withdraw from Venezuela
Gazprom's currently operating joint ventures, oilfield projects, and trade cooperation in Venezuela have been fully suspended. In fact, as early as the middle and late February of this year, after the United States initiated sanctions on RosneftTrading, the Russian trading subsidiary of Rosneft, on the grounds of "continue to maintain business with Venezuela", Rosneft began to consider leaving Venezuela. Petroleum goods trade.
Will not change Russia's influence in Venezuela
As one of Venezuela’s largest foreign investors, Russia’s “absence” will inevitably make people suspect that it will weaken Russia’s influence in Venezuela. But in fact, some industry insiders pointed out that Russian oil, which has been stripped of its "state-owned" label, not only avoided the risk of US sanctions, but also ushered in more favorable business opportunities for Russia's oil and gas economy.
Formally remove the "state-owned label"
As of the end of May, the company’s shareholding structure has been reshaped. The Russian government’s direct shareholding in Russian oil through the Federal State Property Administration has been less than 0.01%. The Russian government’s 100% state-owned entity JSCRosneftegaz holds a share in Russian oil. It fell to 40.4%, which means that the Russian government has less than 50% direct and indirect holdings. In form, Russian oil has got rid of the absolute control of the government.
