Transneft

Not to be confused with Russneft.

Transneft JSC

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Type	Public (OAO)
Traded as	MICEX-RTS: TRNFP
Industry	Oilfield services & equipment
Founded	1992 (1992)
Headquarters	Moscow, Russia
Key people	Nikolai Tokarev (Chairman)
Revenue	US$12.5 billion (2009)
Net income	US$4.3 billion (2009)
Employees	106,000 (2008)
Subsidiaries	Transnefteproduct
Website	www.transneft.ru

Transneft (Russian: Транснефть; traded as: MICEX-RTS: TRNFP) is a Russian state-controlled business responsible for the national oil pipelines. It was founded in 1993 and owns the largest oil pipeline system in the world, with a total network length of almost 50,000 kilometres (31,000 mi). Transneft transports about 93% of the oil produced in Russia. The company is headquartered in Moscow and led by Nikolay Tokarev.

History

Transneft was established in accordance with Presidential Decree No. 1403 dated 17 November 1992 and Russian Government Resolution No. 810 dated 14 August 1993, and is the legal successor to the USSR Ministry of Oil Industry Main Production Department for Oil Transportation and Supplies (Glavtransneft), with 100% of shares belonging to the state. On 16 April 2007, Transnefteproduct, a company concerned with the transportation of refined oil products, was merged into Transneft.^{[citation needed]}

Pipeline project accusations

Documents submitted by Transneft to the Russian Audit Chamber in 2008 were found at the disposal of Alexey Navalny, minority shareholder of Transneft JSC. The papers, published on 16 November 2010, contain information regarding multiple economic crimes committed by Transeft employees, its daughter structures and contractors in the construction of the Eastern Siberia – Pacific Ocean oil pipeline. The documents described Transneft executives’ setting up a series of shell companies to pose as contractors for Transneft’s pipeline project.

Navalny posted an audit indicating that the contracting fraud had cost Transneft $4 billion. Both Transneft and the government auditing office, whose documents Navalny said he leaked on his site, denied the corruption claim. Prime Minister Vladimir Putin called for an investigation into the allegations.

All facts of theft and fraud are confirmed by the company management. The reports that recorded the breaches were endorsed by the officials.

Management

File:Dmitry Medvedev and Nikolay Tokarev.jpg

Meeting between Dmitry Medvedev and Nikolay Tokarev concerning Eastern Siberia–Pacific Ocean oil pipeline (2008)

Board of Directors (As of January 2007):

• Viktor Khristenko (Chairman, Industry and Energy Minister)
• Semyon Vaynshtok (President of Transneft)
• Arkady Dvorkovich (Head of Expert Directorate attached to Russia's President)
• Yury Medvedev (Deputy Head of Rosimushchestvo)
• Sergey Oganesyan (Head of the Federal Energy Agency)
• Dmitry Ryzhkov (Deputy Chief of the Staff of Russia's Government)
• Lev Fedosyev
• Andrei Sharonov (Deputy Minister of Economic Development and Trade)
• Yevgeny Shkolov (Head of Economic Security Department of Russia's Interior Ministry)

Management Committee (As of January 2007):

• Semyon Vaynshtok (President)
• Vladimir Kalinin (First Deputy President)
• Yevgeny Astafyev (Deputy President)
• Sergey Grigoryev (Deputy President)
• Sergey Yevlakhov (Deputy President)
• Elena Kolesova (President Aide)
• Yury Lisin (Deputy President)
• Igor Solyarsky (Deputy President)
• Marat Sayfutdinov (Deputy President)

See also

• Energy policy of Russia
• Russia-Belarus energy dispute

External links

• Official website in English
• A Transneft JSC Shareholder Intends to Bring the Company Management to Criminal Liability

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