Rosneft in every barrel

The objectives of the rapidly growing company remain a mystery.
The first full year of President Igor Sechin in "Rosneft" chair indicated that he remained true to its strategy - take away everything. So he acted as deputy prime minister and headed the board of directors of "Inter RAO" and USC, which are now just started to dig by debris. For the "Rosneft" just passed under the direct leadership of Igor Sechin, everything is just beginning. The company aggressively enters the gas market, buying up assets, plans to non-core projects in shipbuilding, ports and banking. Against this background, public strategy of "Rosneft" is an absolute mystery to the market.

Even when the now president of "Rosneft" Igor Sechin served as a deputy prime minister, he was known to the desire to control everything. As head of the board of directors of the same "Rosneft", "Inter RAO" United Shipbuilding Corporation (USC), the official shall be deemed to actually make decisions. After leaving the board of directors, and then the government in May 2012, he tried to implement the same concept on the basis of the traditional estates - state "Rosneftegas", but pushedsmiling little opposition mate in the person of Deputy Prime Minister Arkady Dvorkovich. The latter managed to halt the consolidation plans "Rosneftegas" all the remaining assets of the state in the fuel and energy sector. Moreover, the company had to pay to the budget of most of the accumulated funds. But ending in 2013 has shown that the limited scope of "Rosneft" Mr. Sechin's not confused, and his approach to leadership has not changed.

Solemnly completed in the spring of one of the biggest in the history of Russian business transactions - purchase of TNK-BP, "Rosneft", spending $ 45 billion asset, continued expansion. She sought all new licenses offshore, fully consolidated gas "Itera" gas acquired the assets of Alrosa, and in the fall and the share of Italy's Enel in "Severenergia", which was then successfully exchanged on control "Sibneftegaz". All this required funds, and "Rosneft" has attracted more than $ 45 billion of loans in 2013, loans and advances to customers of the oil, and another $ 65 billion it promised as an advance on the Chinese contracts. Net debt after the third quarter stood atthe 1.9 trillion rubles.

And Igor Sechin at the final press conference, stressed that "Rosneft" will continue to review all new acquisitions. In the market it is now only perceived and if it sells, the state company - the first bidder. Consolidate assets are very small Igor Sechin sent his closest ally - the former head of "Rosneft" Eduard Khudainatov, who created the independent oil and gas company. But these deals even fit into the overall profile of "Rosneft", is now, however, the non-oil and gas company. But the purchase of shares in stagnant Far Eastern shipyards, requiring major investments, the fight for the government stake in the Novorossiysk Commercial Sea Port, the establishment on the basis of controlled RRDB universal bank, rumors about interest in Domodedovo airport and "Uralkali" as well as about the future of media holding does not fall any which profiled concept.

But they are very similar to what happened in 2011, "Inter RAO" and USC. The energy, takes up this mainly export and import electricity and owned only MULTIKimi thermal power plants in Russia and abroad, gathered the scattered blocks of shares of energy companies, to remain in the state, and gained control of OGK-3, a number of engineering assets and Energosbyt. "Inter RAO" is trying to create on the basis of all this diversity some new ordered structure, but the process is far from complete. USC also actively bought up the assets, created a joint venture and announced new projects - and now the new leadership being in a difficult financial position, the corporation can not figure out what to do farming.

In the foreseeable future, this question must stand up in front of "Rosneft". Authorizing new deals and projects that need more funds, Igor Sechin, is clearly guided by some considerations. But clearly defined long-term strategy with targets and ways of achieving them (such as the private Lukoil) have no state-owned companies, or, in any case, it has not been known to any public or analysts or investors. In principle, it is peculiar to state structures. There is no official common long-term strategy, for example, in "Gazprom", but it works as a wholeits core areas and not so frequently updates the portfolio of assets and projects. "Rosneft" is, a public company, to carry out "national the IPO", implements aggressive and not too obvious policy of expansion, the ultimate goals of which are not clear.