News

Rusneftegaz can announce that from Monday 15 June all of our offices in Russia shall partially reopen, including our headquarters in Moscow, with our international office in New York reopening at a later date. As a result, the majority of administrative capacity will have been largely restored, and it is no longer anticipated that there shall be any delays to telephone or electronic inquiries or communications. Whilst a significant percentage of staff shall continue to work remotely, management has made further alterations to the layout of said workplaces in order to accommodate distancing measures and maintain the highest standards of hygiene. In response to this bulletin, our Deputy Chief Executive Officer, Aleksandr Filyurin, gave these remarks: 

“I am delighted that we can reopen all our offices in Russia after what has been a tough time for Rusneftegaz. I know that it has also been a very tough time for a lot of our staff too, and I know that there is a lot of hesitancy about reopening our offices after what has been a very long period closure. I hope that now we can alleviate some of their worries before everyone returns to work. We have been working very hard to make sure that our reopening is as safe as possible, and that we prevent the potential threat of coronavirus spreading amongst our us. Speaking from a personal perspective, I would not be returning if I felt I was at risk here, I have no I intention of placing my family in danger. We have worked very hard to make sure our offices are a safe and secure environment. I look forward to seeing many of my colleagues again after what has been a very long time.” 

All employees arriving for work on Monday shall receive a comprehensive briefing in regards to the new guidelines, including the regular use of sanitizer, how to clean workstations effectively, the deployment of personal protection equipment and how to prevent contagion. All employees should also be reassured that offices will continue to be deep cleaned regularly by external contractors, and that anyone with any queries should contact their manager at their earliest convenience. Questions from third parties may also be directed via the conventional channels if required, including by telephone, email, fax and the contact form on this website. We necessitate your cooperation and understanding as we seek to return to normal operations.

Rusneftegaz can announce that we have conceived a new, five-year investment plan following the conclusion of the previous program, although these documents will not be circulated publicly. The latest iteration acts as an immediate successor to its precursor, and will continue to build on the developments made during the previous decade, with a renewed emphasis on replacing the remaining aging and inefficient infrastructure. Whilst the implementation of the previous scheme has been perceived by management to be a comprehensive success, there is disappointment that the growth in our business internationally was not equaled by the gains within the Russian Federation. Therefore, the board of directors has designated a substantial sum to fund the purchase of foreign power generation assets as soon as a viable location becomes available to acquire. Likewise, a comparable total has also been apportioned to ensure that there are sufficient monies to overhaul the plant to contemporary standards. As a consequence, it is projected that total expenditure on properties and plant for the next sixty months will be broadly similar to the amount spent under the last investment plan, which in itself was a significant increase on the previous programs. In response to this disclosure, the Deputy Chief Executive Officer, Aleksandr Filyurin, remarked: 

“I am delighted to be able to reveal the next phase of our investment plan today. The plans we have set forth demonstrate not only our ambitions as directors, but also our ambitions as a company. Personally, I think of the investments we have made over the last five years framework from which we can build upon. It is not a finished project, so to speak. Yes, we have spent large amounts of money replacing old equipment; we now have an international trading network, and these are great achievements. But now we need to focus on taking Rusneftegaz to the next level. When we first thought of changing our business plan in 2015, it was not just the case of a five-year plan; it was a plan to transform the company in the long-term. It is not unreasonable to say that we cannot compete with other oil companies in terms of resources, and that is exactly why we have to be intelligent with what we do. We cannot go out there and buy all the oilfields that are owned by much larger oil companies. But if we manage to expand our trading network, we can expand our revenue. If we can buy new power plants, we can expand our profits. When both of these things happen in unison, this plan is the perfect way of growing Rusneftegaz responsibly.” 

The rapid expansion of our energy business has become a fundamental tenet to our wider development plan. The board of directors currently perceives Rusneftegaz as an organization in transition, from being solely an operator in the petroleum industry, to one that has multiple interests in affiliated sectors. Such an evolution was first contemplated in 2015, when our company published major revisions to our commercial strategy entailing significant growth domestically, but perhaps more notably, across the globe. These bold schemes should continue to yield strong economic data for Rusneftegaz in the near and distant future. However, despite the fact that it was previously envisaged that the financial statements for 2020 would serve as an indicator for the performance of our investments over the past five years, however, these judgments will be materially affected by the coronavirus pandemic, which will severely impact our results. Since the beginning of March, commodity prices have collapsed, and our corporation is no longer forecasting revenues or profits for the remainder of the twelve-month reporting period. Nonetheless, the health crisis itself is not expected to hinder the implementation of this set of proposals, although if it endures for a prolonged length of time, this spending shall be delayed accordingly. This most notably includes the planned acquisition, and in some instances, installation, of the larger assets embedded within the program. To facilitate these purchases, our management shall review all options available, including from entities located abroad. Whereas previously Rusneftegaz prioritized goods manufactured within the borders of the Russian Federation, primarily due to the risk of further restrictions being imposed, circumstances have now changed. The board of directors now believes that there is no risk of any additional limitations being placed on American and European companies trading with those headquartered in Russia, ensuring that any equipment sold can still be protected by the relevant guarantees, and also maintained under the terms of service contracts between Rusneftegaz and the manufacturer. This ultimately, in concert with the other elements in this scheme, should result in our corporation deploying the best available technologies in the years and decades ahead.

After following developments diligently during the coronavirus pandemic, the board of directors has elected to extend the current shutdown for an indefinite period. Accordingly, all Rusneftegaz offices shall remain closed until further notice, with those employees working remotely continuing to do so until it is possible to return. In response to these closures, the Deputy Chief Executive Officer, Aleksandr Filyurin, gave the following remarks: 

“It is clear to us now that it any return to normality within the next few weeks is highly unlikely, and as a board, we think that it is in our best interest to keep our offices closed on our own terms. We have done a large amount of work to create the current remote working arrangements, and think there is no reason to change this, especially with the risk that we may be forced to return to these arrangements again if we do reopen and the number of cases increases again. Once again, I would like to place on record my thanks to all our staff during this tough time. That includes all our staff who have adjusted to remote working, but all our staff who continue to work normally as part of our production teams. I pray to God that you all remain safe and healthy during this time.” 

As a result, our organization will continue to have a limited capacity to respond to non-urgent electronic and telephone communications, and necessitates the understanding of those affected at this time. All separation measures that came into effect at the end of March for those still currently working, including temperature checks and use of hand sanitizer, will remain in force for the foreseeable future. All of these procedures are constantly under review, and may be heightened if it is deemed necessary. Any questions regarding this announcement or any of these policies may be directed to us via the usual channels, if necessary, which are not limited to but including both email and telephone.

After an extensive consultation with all key stakeholders, the board of directors has resolved to hold the 2020 Annual General Meeting on 29 May via absentee voting. A new information pack will be dispatched to all participants within one week of this announcement, including any ballot papers for those who hold the right to participate in the event. Each voter will then have a six-week period to return the completed polling paper, which will then be tallied prior to the commencement of the session. Following this announcement, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued this statement: 

“I am pleased that we have been able to make these changes to the AGM (Annual General Meeting) to make sure that it goes ahead as planned. Let us be direct about this, it is far from being an ideal situation, but these are unprecedented times and we know that we need to do things differently. I would like to place on record my thanks to all our stakeholders, who have been very accommodating to all these changes, and have been in regular contact with us since the pandemic started. I am optimistic that we will be able to host an EGM (Extraordinary General Meeting) later this year so that we will have a chance to hold the talks that were planned before all this started.” 

The agenda for the 2020 Annual General Meeting, which was initially scheduled to be held on 10 April, is unchanged from the original as before. As such, shareholder consensus is sought to ratify the amendments to the executive remuneration policy, and also to approve an auditor for the next fiscal year. There will likewise be an opportunity to review and endorse the 2020 Consolidated Financial Statements, although it should be noted that said documents have already been submitted to the relevant authorities for legal reasons. All attendants will be notified of these changes electronically and in writing, and interested parties are free to submit questions in regards to these new plans. We necessitate your cooperation and understanding with these important affairs.