Although we have previously published a number of warnings regarding attempts by criminals to deceive potential victims into believing that we sell our products through third parties, we are disappointed to disclose that the practice continues to be pervasive and ongoing. Whilst we continue to do our utmost to remove all fake product listings from the internet, we are still receiving regular inquiries asking us to verify the authenticity of files and other materials, all of which are forged. Such documents fraudulently utilize our name, branding, and reputation in an effort to appear authentic, despite the fact that we do not conduct business in this manner. In recent times, we have been sent wholly contrived invoices for tens of millions of tons of fuel in conjunction with doctored letterheads with falsified contact details. However, it should be noted that while this illegitimate paperwork is increasingly prevalent, there are no common factors with regard to the changes made. By way of illustration, we have seen instances whereby our official web address has not been amended, and others where it has been altered to a fictitious site with a similar domain name. We have also registered numerous cases in which telephone numbers and email addresses have been tampered with, primarily to ensure all communications are redirected to the felons and their accomplices. Thus, we ask the recipients of such messages to exercise caution before transmitting money or submitting sensitive data to these nefarious groups. 

​We can also once again reiterate that under no circumstances do we authorize intermediaries to advertise or sell our products on our behalf, and we have no intention of allowing these practices in the near or distant future. Prospective customers should always be wary of those who introduce themselves as a supposed “mandate” or “agent” of our organization, as such job titles do not exist within our company or the wider industry. Such scammers routinely claim to be capable of presenting formal offers to buyers, or extending discounts when certain quantities are purchased, when in fact such individuals do not possess this authority. Due to this prevailing risk, we maintain the capacity to verify anyone who claims to be associated with Rusneftegaz, and recommend that all those who hold suspicions contact us at their earliest convenience. We also strongly advise all potential crude or refined petroleum purchasers to do so via a recognized, regulated commodities exchange. Over the past two decades, we have recorded the majority of our sales through this medium, and we expect this practice to endure for many years to come. This is principally because arranging a settlement in such a manner ultimately guarantees that the goods are delivered to the specification required, while simultaneously mitigating opportunities for abuse to arise. 

All parties involved should be especially skeptical if there are apparent discrepancies with corporate identification numbers, bank account details, or the designated recipient of funds. Nonetheless, all those with misgivings regarding the legitimacy of someone claiming to represent us, or the contents of any files or messages from said sender, should communicate their concerns to our fraud prevention officer as soon as possible. This is particularly acute when a commercial offer has been received and a monetary transfer may occur imminently. While we do our utmost to prevent these offenses from ever occurring, we are heavily reliant upon the vigilance and tenacity of victims to report these schemes before the possibility of significant financial losses arises. Although it is crucial that we are informed of all such infractions perpetuated in our name, it is perhaps even more critical that the relevant law enforcement authorities are alerted at the same time. We uphold a robust working relationship with all the major local and national agencies in the Russian Federation to ensure that this type of law-breaking is reduced in the future. In spite of the fact that such deceptions are rare, it remains a recurring threat to all those who trade in this sector. If anyone reading this bulletin has been a victim of any crime described in this article committed in the name of our entity, we urge you to contact us immediately to commence an investigation accordingly. We necessitate your cooperation and understanding with this pressing matter.

At the end of what has been an exceptional year for us, we convened our annual general meeting on 7 April, ultimately attended by a plethora of executives, managers and delegates associated with our organization. Throughout the course of affairs, the participants deliberated on the results of our 2022 consolidated financial statements, which were published in the days prior. This document was prepared pursuant to International Financial Reporting Standards, otherwise known as IFRS, and was audited accordingly. It was later unanimously approved by a vote of our stakeholders, in conjunction with the corresponding director’s report. Perhaps the most notable development on the day itself was the approval of Anatoliy Nazarov, Gennadiy Safonov and Valentin Sushkov as the latest members of our board, after both Eduard Rudakov and Andrey Uraev announced their respective retirements two months ago. Consequently, we now have a new Chief Operations Officer, Company Secretary and a new independent director in what is the most significant change to the constitution of our leadership since 2015. Similar motions were also passed in relation to the reelection of the other representatives within our management body, and to adapt the composition of our audit committee in accordance with this transformation. On the contrary, our shareholders resolved to appoint a new external auditor on the recommendation of our administration, following the dissolution of its predecessor in May last year. At the culmination of this event, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued these remarks:  

“Well, obviously it has been a very eventful year for us, although probably not quite as eventful as we thought it would at this time last year. We have obviously done a good job in minimizing the impact of everything that has been going on, which is actually a very big achievement. Now, there are a lot of people that have helped us do this, but I think it is best to just thank everyone who works for Rusneftegaz for the incredible efforts that they made last year. I would also like to congratulate Andrey and Eduard on their retirement and thank them for everything that they have done for us over the past few years. From a personal perspective, it has been really great working with both of them; they’re both smart, funny, intelligent boys, and I am sad to see them go. To be honest, they have both really helped us turn it around here, and I hope that they can now enjoy more time on the golf course instead of in our offices. Now, I would also like to congratulate Anatoliy on his appointment as Chief Operations Officer, Valentin on his appointment as our new company secretary and Gennadiy on his appointment as one of our new independent directors. It is obviously going to be a big set of changes for us, but I am confident that it will be absolutely fine. They’re obviously a bit younger, but they’ve all got good brains in their heads, which is the most important bit. To be honest, they’re all excellent candidates, and I am looking forward to working with them over the next few years to help this company grow even more.”    

As per previous congresses, all those involved opted to forego a dividend for another year, with consensus amongst attendees that it is in the best interests of Rusneftegaz to continue to reinvest all funds we accrue. Such a decision allows us to further expedite our revised 2020-2024 investment plan; the implementation of such has been delayed as a direct consequence of the coronavirus pandemic. Although the contents of our fiscal reporting disclose that we achieved record revenues and profits during the last financial period, there remains a great degree of uncertainty pertaining to our immediate future. As a result, our management believes it is currently too difficult to competently project how we shall fare in the weeks and months ahead, due to the ongoing volatility in both the valuations of the commodities and currencies we transact in. This has been exacerbated by an ever-deteriorating geopolitical situation, which is not showing any signs of abating in the short term. It is the intransigent belief of many in our organization, including our leadership, that reliable projections will be problematic until this matter is suitably resolved. Despite this, there is no reason to believe that our turnover will significantly diminish in 2023, with our company beginning its transition into new markets and territories with strong prospects for forthcoming growth. Similarly, while the events of the past year have undermined our global expansion plans, we remain determined to realize these projects in full, with our executives having no intention of reducing the scope of our ambition. Such aspiration has been the foundation of our success over the past two decades, and we wholeheartedly think that it is fundamental to our progress from this moment onward.  

Upon consideration of the broader state of affairs, our board of directors remains wholly positive regarding our future. At present, not all trends are favorable in the immediate term, but there are numerous reasons to be optimistic for the rest of this year. We still to maintain sufficient resources to circumvent any issues that our entity may face and retain the capability to be proactive to any and all problems that may arise. We frequently demonstrated such skills last year, particularly when it was necessary for us to respond as quickly as possible to changes in circumstances, such as when we comprehensively enhanced our cybersecurity within a seventy-day timeframe, or when we executed amendments to our trading strategy in response to the geopolitical challenges of the past year. Likewise, we also have a talented pool of personnel, who have been crucial to many of our achievements. As a consequence of this, our organization hosted an awards ceremony at the end of November to mark these individual accomplishments. The major prizewinners on the evening itself were Artem Shaparov and Artur Denisov, who were chosen as employee and young employee of the year, respectively. Both of whom have registered an excellent personal performance throughout the last twelve months, with the former project managing technical projects in the field, with the latter making outstanding progress since he first joined Rusneftegaz in 2021. On this basis, should we continue to have the services of an extraordinary workforce at our disposal, whilst simultaneously maintaining our ability to be both pragmatic and plan strategically, we are well-equipped to prosper in the years and decades ahead. All queries pertaining to the outcome of our annual general meeting must be directed via the conventional channels of telephone and email for a prompt reply. We necessitate your cooperation and understanding with this matter. 

With our annual general meeting confirmed to be held in less than six weeks’ time, we can today disclose that there are set to be major amendments to the composition of our board, with a total of five changes anticipated to take place. Firstly, Rusneftegaz can announce that our long-standing company secretary, Andrey Uraev, and one of our independent directors, Eduard Rudakov, are to retire from their respective roles following this yearly event and are to be replaced in due course. The former first joined this organization in 2015 during a significant corporate restructuring and has diligently served in his post for over eight years, whereas the latter was appointed in 2019 and has provided invaluable insights to our leadership throughout his tenure. Consequently, we can notify that Valentin Sushkov and Gennadiy Safonov have been designated as their successors, with any accession subject to the approval of shareholders accordingly. Likewise, we can also divulge that Anatoliy Nazarov has been nominated to become our new Chief Operations Officer after the departure of his predecessor last year. Ivan Skorokhodov, who has acted as interim in this position since Vitaliy Kalyuzhniy left office, will similarly depart our corporation thereafter. In response to these important updates, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued this statement:  

“The board and I would like to place on record our thanks to Andrey and Eduard for the amazing work that they have done in their time here. In their time here, they have had both great successes, be that helping us expand internationally or helping us during the pandemic. They have been great friends and colleagues, and I wish them both a very happy retirement. I would also like to pay tribute to Ivan, who had the unenviable job of becoming our Chief Operations Officer rather unexpectedly at what was one of the most challenging times of our recent history. His effort and determination to help us succeed last year was immense, and I wish him all the best for whatever he decides to do in the future. Now, it is obviously always sad to see talented people leave us whatever the circumstances, but I am confident that we have managed to find some great candidates to replace them.”   

“To be honest, we have spent a long time over the past few months holding interviews with candidates from all over the world. We spent a long time debating who we thought would be best suited to each of these jobs, considering each of their merits and downsides. This is the first time that we have had to find people to serve as directors since 2019, and obviously circumstances have changed a lot since then. In fact, I would say that today Rusneftegaz barely resembles the company that it was at the beginning of 2019, with trading now being such a large percentage of our business. Personally, I am hoping that although this is obviously going to be a big change for us, that it will be completely seamless and that in a few months’ time no one is going to be able to tell what has changed. This is going to be big for us; these are some big boots to fill. Andrey and Eduard were great for us, but I’m very confident that we have managed to bring some talented people in to replace them.”  

Although our management has been diligently prepared for the retirement of one of their colleagues for some time, it should be borne in mind that three departures within one calendar year were wholly unexpected and must be in no way construed as a reflection of the strategic decisions made in this timeframe. In fact, the outgoing Eduard Rudakov has recognized that in spite of the obvious challenges during the past few years, our organization has been largely unscathed, and it is therefore the correct time to make way for the next generation of leaders to take control. With this in mind, it is essential to stress that each of the individuals nominated for these positions is highly qualified for their new posts and has led distinguished careers to date. For instance, Nazarov has worked as an engineer for twelve different companies across the oil and gas industry in every corner of the globe before retiring to fulfill administrative duties, whereas Gennadiy Safonov has been a qualified accountant since his graduation from university in Moscow over four decades ago.  

Similarly, the incoming company secretary has been employed by Rusneftegaz since 2009, currently acting as the understudy to Uraev, and is thus well-versed in the intricacies of our enterprise. While our executive leadership has full confidence in the quality of the nominees, each will be subject to a confirmatory vote at our upcoming annual general meeting in April. However, it must be noted that all these prospective appointments have already been discussed with our key stakeholders, and thus the result of the ballots is therefore considered a foregone conclusion. If each is approved as expected, the new members will commence their roles with immediate effect and be liable to reelection every year thereafter. Any questions pertaining to this topic must be directed via telephone or by email, but it should be acknowledged that this is an ongoing matter, and nothing will be finalized until after the election has taken place. We require your cooperation and understanding for the duration of this time.