Nikolay Tokarev's dangerous games

Property interests of Rosneft have led to filing a claim to arbitration. What is Transneft guilty of?
Today it became known that "Rosneft" has filed a lawsuit against the "Transneft" in the Moscow Arbitration Court. In court, the essence of the claim has not yet been reported. Informed sources suggest that we can talk about the methods of calculation in the system "Transneft" oil and oil residues, which may be dissatisfied with "Rosneft".

This is not the first conflict between the oil giants. Contradictions matured five years ago, when "Rosneft" claimed for the purchase of the state share of the Novorossiysk seaport. On it is claimed, and "Transneft". As a result, while "Transneft" supported "Rosneft", but the government decided to avoid the monopoly to sell the shares on three different exchanges.

Two years later there was a conflict over the pumping of oil to China. Company Tokarev asked to raise prices on the tariffs, and the company Sechin could not agree to this, as has already concluded a contract that did not include the increase of tariffs. Then Sechin wrote a letter to Putin, and tariffs were frozen.

In 2016. scandal over the preferred shares of "Transneft". USP Fund President Sherbovich Ilya, who is considered a person close to Sechin, sued him for payment of dividends on preferred shares of "Transneft", held by it.

"Transneft" refused, citing the adopted amendments to the charter, which allows not to make the payment. Sources close to the conflict, saying that the agreement on the "Transneft" had to buy out their shares Sherbovicha, but can not do so because they are offshore. Now, without the consent of the head of state is difficult to state-owned companies to transfer money there.

And "Rosneft" and "Transneft" a conflict do not recognize. Then what is filed in the Arbitration Court lawsuit?

Playing by the rules

The position of "Transneft" on certain issues is surprisingly frank. Get at least the same preferred shares. Why dividends on them are lower than on ordinary when international practice suggests otherwise? And why shareholder must apply to the court that he be paid the dividend? All this looks like some kind of foul play on the part of "Transneft".

"Transneft" has promised to develop a new dividend policy, dividend but a cart and still remained in place in 3-4 quarters. And as a result - a number of foreign and Russian investors have complained that "Transneft" is not conducive to the improvement of the investment climate in Russia.

In their applications, investors transparently hinted that the entire profit retained by the subsidiaries of "Transneft" company, with the result that profits do not get, not only minorities, but also the main shareholder - the State.

For example, following the results of 2015 the profit of "Transneft" was only 8.9%. In 2014. Vladimir Putin said that state-owned companies must pay to the state not less than 25%. It turns out that Nikolai Tokarev ignores the requirement of the head of state, playing by their rules.

Favorite daughter of "Transneft"

And it remains the main profit from subsidiaries, which is explained by the fact that it can not take away, as the regions where the company will be left without income tax.

What a touching concern for the regions. Someone believes that Nikolai Tokarev, to set their own rules of the game, worried about the problem areas? If he does not fulfill the requirements of the president and change the generally accepted economic laws in their favor.

Here, Nikolai Tokarev acts as an experienced sharper, distorting their own marked cards. "Transneft" is the responsible party to the consolidated group of taxpayers, so the amount of taxes does not depend on where the accumulated profit.

But the fact that the lion's share of it is left in the subsidiaries, is very similar to the concealment of profits. And not only on shareholders, but also from the state.

Consider profits in their favor

By the way, the efficiency of "Transneft", which is so proud of Nikolay Tokarev, is also a very big issue. For example, one employee of the Canadian company maintains pipelines 13 times more than an employee of "Transneft".

And the service life of pipelines from "Transneft" is much lower than that of its Western counterparts. This allows you to lay the high depreciation expenses and capital expenditures, which ultimately affect profit margins.

In short, with leadership, profit margins is the way you want. The main thing - properly considered in their favor.

Growing appetite Nikolai Tokarev

Appetite "Transneft" is constantly growing. If, in 2011. promised before 2017. on the modernization of spending 90 billion. rubles. per year, in 2013. said that since 2015. by 2020. will spend $ 238 billion annually. rub.

The "Trnasneft" also borrows money by throwing out the stock exchange its bonds. The volume of emissions is impressive. 280 billion. Rub. 30 years. And who will give it? Or Nikolai Tokarev and his board of directors, who took such a decision, are going to live forever?

With this appetite, it is very surprising policy of "Transneft" for the investment of own funds. In recent years it has lost 34.2 bn. Rub., Invested in troubled banks, which were subsequently denied a license.

Or is it too appetizing pieces, which were withdrawn from the banks to affiliate with the "Transneft" company?

Amaze and sizes of charity "Transneft". Since 2007. by 2014. 33 billion. Rubles was spent on charity. And it's one and a half times greater than the payment of dividends.

You can, of course, believe in the good intentions of Nikolai Tokarev, but the manner of his play suggests another. Do all these money has been spent just for charity? Or, something went wrong there, and where to?

Dangerous "Transneft" game

In the dangerous game played by "Transneft", led by Nikolai Tokarev. And then it turned on its head. Although in terms of management of the company, everything is going as it should.

The claim of "Rosneft" can be the first sign of discontent Tokarev authorities, to which Igor Sechin very very approximate. Perhaps it is through him Tokarev trying to hint at his own game rules. Maybe, come to its senses?

Games do not all pass. Especially when one of the players - the state.