Rosneft Oil Company and ExxonMobil continue to progress the LNG project proposed in the Russian Far East, according to Rosneft's press release.
The contractor selection process for design and engineering work has officially commenced. In 2013-2014, the partners expect to complete design work, including selection of a liquefaction technology and identification of major equipment requirements, to perform engineering surveys, develop the necessary FEED documentation and perform EIA.
"Rosneft's offshore license areas hold massive hydrocarbon resource potential, most of which is natural gas. Given the fact that offshore fields are difficult to reach and are not connected to the national gas supply system, the most efficient way to monetize these resources is to liquefy the natural gas and sell the LNG in export markets. We are optimistic about prospects for LNG export liberalization in Russia in the near term and are pleased to announce that we have entered an important stage of the LNG project jointly with our strategic partner ExxonMobil," Rosneft President Igor Sechin said commenting on the progress of the LNG project in the Russian Far East.
The capacity of the LNG project to be located on Sakhalin Island in the Russian Far East is expected to be 5 million tons per year, subject to further expansion. The liquefaction plant, the launch of which is scheduled for 2018, will receive natural gas from Rosneft's reserves in the Far East and other Sakhalin gas reserves.
Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves as of December 31, 2011 were 17.618 billion barrels of oil equivalent. In 2012, Rosneft ramped up production of hydrocarbons by 4.5% to 2.702 barrels per day.
The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is state-owned company Rosneftegaz.
Net profit (IFRS) of Rosneft Oil Company for 2012 increased by 7.2% to RUB 342 billion from RUB 319 billion. Revenue increased by 13.2% to RUB 3.078 trillion from RUB 2.718 trillion for 2011. EBITDA decreased by 8% to RUB 609 billion from RUB 662 billion. Capex amounted to RUB 466 billion, FCF was RUB 45 billion.
According to the information and retrieval system DataCapital, net profit of Rosneft for 2012 as per RAS increased by 27.8% to RUB 302.501 billion. Revenue grew by 28.2% to RUB 2.596 trillion from RUB 2.025 trillion, pre-tax profit by 21% to RUB 345.561 billion from RUB 285.07 billion.