A log in the eye of Rosneft

The criminal case against Viktor Ishayev, in the recent past, the governor of the Khabarovsk Territory and the presidential envoy in the Far Eastern Federal District, has aroused genuine public interest and a stream of media speculations about the true causes of such actions by law enforcement agencies.
According to official explanations, a prominent figure in the past was persecuted because he turned over Rosneft at an inflated price for certain premises with an area of ​​over 280 square meters. m. " Thus, Ishayev added to the list of prominent victims of high-profile corruption scandals associated with this oil company.

The amount of damage caused by Ishaev, according to the media, was estimated at 5.7 million rubles. This figure, from the household point of view, is quite solid, microscopic in comparison with the scale of theft and abuse, including in the oil industry, which are periodically dissected through the media and public activists.

Such effective use of law enforcement agencies to safeguard the interests of an international oil company causes only approval, but perhaps it would be useful for these bodies to look closely and somewhat closer to Rosneft itself in order to identify, so to speak, not only “external enemies”, but and "internal".

In recent years, Rosneft has made a number of acquisitions, the expediency, and, most importantly, the value of which has been doubted by many industry experts. For example, according to analysts at Sberbank (in a report that the bank subsequently recalled under pressure from Rosneft management), the state-owned oil company overpaid at least twice for the acquisition of the Indian company Essar Oil. Recall that Rosneft paid only 3.9 billion US dollars for a 49% stake in an Indian company. The amount of the alleged overpayment of almost $ 2 billion is a potential damage that exceeds more than 20,000 (twenty thousand) times a measly 5 million rubles incriminated to unfortunate Ishayev.

Another recent strange acquisition was the purchase in 2017 by Rosneft for 40 billion rubles of the Kondaneft company from NOC, the company of the former president of Rosneft, Edward Hudainatov. According to Vedomosti, the NOC itself acquired this asset three years earlier, for only 4.4 billion rubles. The value of Kondaneft was justified by the license for the fields it possesses - containing, however, mostly hard-to-recover oil reserves related to the so-called “Tyumen Formation”. At the same time, according to Sberbank, instead of the peak production of 80 thousand barrels per day, which was announced by Rosneft, the company in the future will be able to count only on a maximum of 10 thousand barrels - eight times less, and the cost of developing these reserves may not be justified.

Among the dubious investments of Rosneft can also be called 6 billion dollars invested in economically and politically collapsing Venezuela, as well as the transfer of billions of dollars to certain projects in semi-independent Iraqi Kurdistan - despite the objections of the legitimate Iraqi government, which seeks to restore its full jurisdiction in this region and who was, by the way, along with Iran, Russia's ally in Syrian politics, at the time.

Stalin is credited with the words "the death of one person - the tragedy, the death of millions of statistics." The cost of suspicious investments by Rosneft reaches such a cosmic scale that the value of the money spent goes with difficulty in the head and rather refers to statistics.

Why was Rosneft so scattered about its own funds? There are several points of view. Some point to the incompetence of the company's management and the lack of experience in the oil industry. Others hint at the malicious intent and personal interest of management. Still others, while not rejecting the first two circumstances as a general background, explain such vigorous activity, including the desire of the leadership to falsely understood greatness and his dreams of creating the world's largest concern.

All these acquisitions were financed by the company's unprecedented increase in external debt. According to the balance of Rosneft at the end of 2018, external debt reached almost 6 trillion rubles - a huge amount, which at best will require decades to return, and at worst, with a deterioration in market conditions, will bury this state-owned company.

Rosneft very effectively "working" with law enforcement. How much could have been achieved if the company’s management had the same energy engaged in improving their own efficiency, preventing losses from dubious decisions and strengthening financial stability.