DOCSLIB.ORG

(Minutes Dated 23.04.2018 # 15) REPORT On

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
(Minutes Dated 23.04.2018 # 15) REPORT On Approved by the resolution of Rosneft Board of Directors (minutes dated 23.04.2018 # 15) REPORT On Rosneft related-party transactions made in 2017 This report provides the information on the related party transactions, signed by Rosneft in 2017. № Transaction subject and material conditions Transaction Body which value agreed (endorsed) the transaction, decision date / Information on the transaction procedure compliance as per clause 1.1 article 81 of the Federal Law on Joint Stock Companies. 1 Transactions where AZP is a party. Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 Provision by Rosneft (lender) of an interest-free loan for AZP Transaction Notification (borrower) for the investment activities financing to the amount RUB value is procedure is 2,624,694.4 K by the extension of the loan repayment period till RUB observed2 30.12.2020. The total transaction amount shall not exceed RUB 2 2,624,694.4 2,624,694.4 k. k. 2 AZP (provider) services for Rosneft (Customer) from 01.01.18 to Transaction Notification 31.12.18 related to acceptance, storage and processing of value – procedure is hydrocarbons; storage and loading of processed products; filling RUB observed and/or packing of commercial products. The throughput is up to 15,478,650.0 825.000 kt of feedstock totaling up to RUB 15,478,650.0 k (with k (with VAT). VAT). Transactions where ANPZ VNK is a party. Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 Provision by Rosneft (lender) of an interest-free loan for ANPZ VNK Transaction Notification (borrower) for the operational activities financing to the maximum value - procedure is amount of RUB 2,910,521.9 k for 2 years. The transaction amount RUB observed 1 In accordance with clauses 81, 83 of the Federal Law on Joint Stock Companies, a related party transaction does not require mandatory prior consent for its execution. The Entity is obliged to notify BoD members, members of the collegiate execution body and shareholders (if all the BoD members are interested in a transaction) about a related party transaction. 2 Hereinafter: The transaction procedure on the notification of the issuer management body members about the planned transaction as per clause 1.1 article 81 of the Federal Law on Joint Stock Companies is observed and no requirements for the prior consent to its execution were claimed. 1 will be not more than RUB 2,910,521.9 k. 2,910,521.9 k. 2 Provision by Rosneft (lender) of an interest-free loan for ANPZ VNK Transaction Notification (borrower) for the investment activities financing to the amount of value is procedure is RUB 17,251,326.4 k by the extension of the loan repayment period till RUB observed 10.06.2020. The total transaction amount shall not exceed RUB 17,251,326.4 17,251,326.4 k. k. 3 Provision by Rosneft (lender) of an interest-free loan for ANPZ VNK Transaction Notification (borrower) for the investment activities financing to the amount of value is procedure is RUB 14,253,215.9 k by the extension of the loan repayment period till RUB observed 30.12.2020. The total transaction amount shall not exceed RUB 14,253,215.9 14,253,215.9 k. k. 4 Services provision by Achinsk Refinery VNK (provider) to Rosneft Transaction Notification (customer) related to acceptance, storage and processing of oil, value – procedure is petroleum and oil-containing feedstock, as well as other feedstock; RUB observed storage and loading of processed products; filling and/or packaging of 18,929,265.0 commercial products, during the period from 01.01.2018 to k (with 31.12.2018. The throughput is up to 7,300.000 Kt of feedstock VAT). totaling up to RUB 18,929,265.0 k (with VAT). 5 Provision by Rosneft (lender) of an interest-free loan for ANPZ VNK Transaction Notification (borrower) for the investment activities financing to the maximum value – procedure is amount of RUB 8,186,500.0 k for 3 years. Total transaction amount RUB observed may achieve RUB 8,186,500.0 k. 8,186,500.0 k Transactions where ANKhK is a party. Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 ANKhK (provider) services related to the processing of marketable Transaction Notification oil, oil-containing feedstock, mix of processed oil products as well as value – procedure is other feedstock; feedstock acceptance and processed products loading RUB observed services; filling and/or packaging of commercial products; storage of 53,732,102.4 processed products, provided for Rosneft (customer) during the period k (with from 01.01.2018 to 31.12.2018. VAT). The throughput is up to 10,432.000 kt of feedstock totaling up to RUB 53,732,102.4 k (with VAT). 2 Provision by Rosneft (lender) of an interest-free loan for ANKhK Transaction Notification (borrower) for the investment activities financing to the amount not value – procedure is more than RUB 3,232,500.0 k for 3 years. Total transaction amount RUB observed may achieve RUB 3,232,500.0 k. 3,232,500.0 k Transactions where Vankorneft is a party. Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 Provision of an interest-bearing loan from Vankorneft (lender) to Transaction Notification Rosneft (borrower) to the amount of RUB 50,000,000.0 k for up to 5 value is procedure is years on the following terms: RUB observed - the amount of the loan is RUB 150,000,000.0 k; 236,559,334. - the total transaction value including the interest will be not more 6 k. 2 than RUB 236,559,334.6 k. For reference: Stake of the related party ROSNEFTEGAZ in the charter (shareholder) capital (shares which belong to the related party) of the issuer: 50.00000001%; Stake of the related party ROSNEFTEGAZ in the charter (shareholder) capital (shares which belong to the related party) of the legal entity, which is a party to the transaction: 0% 2 Supply of flammable natural gas and/or dry lean flammable natural Transaction Notification gas by AO Vankorneft (supplier) to Rosneft (buyer) from 01.01.2018 value – procedure is to 31.12.2020 in the quantity of not more than 14,533,866 thousand not more observed cubic meters with a total value of not more than RUB 32,014,717.24 k than with VAT. RUB 32,014,717.2 4 k (with VAT). Transactions where VNII NP is a party Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 Work delivery by VNII NP (provider) for Rosneft (customer) related Transaction Notification to the development of Rosneft standardization and technical value – procedure is regulation system concept within 9 months from the 28th day of the RUB observed month when the contract was made for a fee of RUB 10,000.00 k 10,000.00 k (with VAT). with VAT. Transactions where FEPCO is a party Related parties: ROSNEFTEGAZ - controlling entity of Rosneft (The entity is indirectly controlled by Rosneftegaz and is a party to the transactions). 1 Provision by Rosneft (lender) of an interest-bearing loan for FEPCO Transaction Notification (borrower) for the investment activities financing to the amount not value – procedure is more than RUB 2,462,900.0 k for 3 years. RUB observed The total transaction value including the interest may achieve RUB 3,201,770.0 3,201,770.0 k. k 2 Provision by Rosneft (lender) of an interest-bearing loan for FEPCO Transaction Notification (borrower) for the operational activities financing to the amount not value – procedure is more than RUB 2,199,500.0 k for 2 years. not more observed The total transaction value including the interest may be not more than than RUB RUB 2,639,400.0 k. 2,639,400.0 k. 3 Provision by Rosneft (lender) of an interest-bearing loan for FEPCO Transaction Notification (borrower) for the investment activities financing to the amount of value - procedure is RUB 4,307,185.5 k by the extension of the loan repayment period till RUB 7 161 observed 06.09.2020 on the following terms: 699.0 K - A new interest rate within the market price range as approved by the Rosneft Budget Committee as of the extension date, shall apply to the actual amount of the borrower indebtedness, effective from the date of the Loan Agreement extension; - the total transaction value including the interest may achieve RUB 7,161,699.0 k. 3 4 Provision by Rosneft (lender) of an interest-bearing loan for FEPCO Transaction Notification (borrower) for the investment activities financing to the amount of value – procedure is RUB 10,709,900.0 k by the extension of the loan repayment period till RUB observed 30.12.2020 on the following terms: 15,942,271.4 - A new interest rate within the market price range as approved by the k Rosneft Budget Committee as of the extension date, shall apply to the actual amount of the borrower indebtedness, effective from the date of the Loan Agreement extension; - the total transaction value including the interest may achieve RUB 15,942,271.4 k. 5 Provision by Rosneft (lender) of an interest-bearing loan for FEPCO Transaction Board of (borrower) for the investment activities financing to the amount of value – Directors RUB 25,871,878.0 K for 3 years by the extension of the loan RUB 12.05.2017 repayment period till 20.01.2020 on the following terms: 38,180,198.2 - A new interest rate within the market price range as approved by the k Rosneft Budget Committee as of the extension date, shall apply to the actual amount of the borrower indebtedness, effective from the date of the Loan Agreement extension; - the total transaction value including the interest will be not more than RUB 38,180,198.2 k.
Load more

Recommended publications
  • US Sanctions on Russia
    U.S. Sanctions on Russia Updated January 17, 2020 Congressional Research Service https://crsreports.congress.gov R45415 SUMMARY R45415 U.S. Sanctions on Russia January 17, 2020 Sanctions are a central element of U.S. policy to counter and deter malign Russian behavior. The United States has imposed sanctions on Russia mainly in response to Russia’s 2014 invasion of Cory Welt, Coordinator Ukraine, to reverse and deter further Russian aggression in Ukraine, and to deter Russian Specialist in European aggression against other countries. The United States also has imposed sanctions on Russia in Affairs response to (and to deter) election interference and other malicious cyber-enabled activities, human rights abuses, the use of a chemical weapon, weapons proliferation, illicit trade with North Korea, and support to Syria and Venezuela. Most Members of Congress support a robust Kristin Archick Specialist in European use of sanctions amid concerns about Russia’s international behavior and geostrategic intentions. Affairs Sanctions related to Russia’s invasion of Ukraine are based mainly on four executive orders (EOs) that President Obama issued in 2014. That year, Congress also passed and President Rebecca M. Nelson Obama signed into law two acts establishing sanctions in response to Russia’s invasion of Specialist in International Ukraine: the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Trade and Finance Ukraine Act of 2014 (SSIDES; P.L. 113-95/H.R. 4152) and the Ukraine Freedom Support Act of 2014 (UFSA; P.L. 113-272/H.R. 5859). Dianne E. Rennack Specialist in Foreign Policy In 2017, Congress passed and President Trump signed into law the Countering Russian Influence Legislation in Europe and Eurasia Act of 2017 (CRIEEA; P.L.
    [Show full text]
  • Russia–US Economic Cooperation in Turbulent Times
    Russia–us ECONOMIC COOPERATION IN TURBULENT TIMES Moscow, March 2019. Russia–US Economic Cooperation in Turbulent Times Moscow, March 2019. INTRODUCTORY REMARKS BY ALEXANDER SHOKHIN, PRESIDENT OF THE RUSSIAN UNION OF INDUSTRIALISTS AND ENTREPRENEURS and ChaiRman of the BoaRd of tRustees of the Russian-ameRiCan BUSINESS COUNCIL (RABC) Dear friends, U.S.–Russia relations have been very tense in recent years, and this directly affects cooperation in trade, economy and investment. During these difficult times, we believe it a task of utmost importance to find a stable foundation to maintain and develop relations in the future. In order to assess the current status quo and to look for solutions that will put U.S.–Russia relations on an upward trajectory, the Russian Union of Industrialists and Entrepreneurs (RSPP) and the Russian-American Business Council (RABC) have spearheaded a dialog on lost profits and on opportunities that still remain open for our countries’ businesses. The RSPP and the RABC commissioned a report “Russia-US Economic Cooperation in the Conditions of Uncertainty” prepared by experts from the National Research University Higher School of Economics, the Valdai International Discussion Club and Russia’s leading research centres; this report is intended to serve as grounds for the discussion. On behalf of the RSPP and the RABC, I would like to express my gratitude to everyone who made this report possible: the report’s contributors: Sergei Karaganov, Dean of the Faculty of World Economy and International Affairs at the National
    [Show full text]
  • Global Reinsurance Highlights 2020 Edition
    Global ReinsuranceGlobal HighlightsReinsurance 2019 Highlights 2020 PUBLISHEDPUBLISHED BY: BY: Global Reinsurance Highlights 2019 PUBLISHED BY: Global Reinsurance Highlights 2020 Edition For further information, please visit our reinsurance page on our website www.spratings.com Global Reinsurance Highlights | 2020 3 4 Global Reinsurance Peer Review Contributors For S&P Global Ratings For Intelligent Insurer Project Leaders Data Team Publisher Johannes Bender Patrice Mizeski, New York Nicholas Lipinski Taoufik Gharib Antun Zvonar, New York Tel: +44 (0) 203 301 8201 [email protected] Contributors Editorial Team Aishwarya Agarwal, Pune Heather Bayly, London Johannes Bender, Frankfurt Jennie Brookman, Frankfurt Managing editor Craig Bennett, Melbourne Jo Parker, Toronto Wyn Jenkins Rachit Chauhan, Mumbai Richard Smart, Tokyo Tel: +44 (0)203 301 8214 WenWen Chen, Hong Kong [email protected] Hoyt Crance, New York Charles-Marie Delpuech, London Sub editor Koshiro Emura, Tokyo Giulia Filocca, London Ros Bromwich Taoufik Gharib, New York Robert Greensted, London Design & Production Jean Paul Huby Klein, Frankfurt Garrett Fallon Maren Josefs, London Russell Cox Kalyani Joshi, Mumbai Marc-Philippe Juilliard, Paris Milan Kakkad, Mumbai Cover image: Ali Karakuyu, London Shutterstock / Ellerslie Olivier Karusisi, Paris Saurabh Khasnis, Centennial Eiji Kubo, Tokyo Volker Kudszus, Frankfurt Hardeep Manku, Toronto Mark Nicholson, London Dennis Sugrue, London Eunice Tan, Hong Kong Michael Zimmerman, Centennial The views expressed in this
    [Show full text]
  • 2017 Annual Report About This Report
    2017 Annual Report About this Report Approach to the Report Disclaimer This Annual Report of Sberbank of Russia1 for 2017 (the “Report”) In addition, the Report reflects the contribution that Sberbank has This annual report is prepared by Sberbank and does not represent — in full or in includes the results of Sberbank and its subsidiaries2 for the reporting made to achieving the Sustainable Development Goals adopted by part — an offer for sale or issue, an invitation to submit offers for sale or issue, or a period from January 1, 2017 to December 31, 2017. the United Nations in 2015 in the document “Transforming Our World: recommendation regarding the purchase, subscription, guarantee of placement, or The 2030 Agenda for Sustainable Development”. other acquisition of any shares of Sberbank or any member of Sberbank Group, or • Federal Law “On the Securities Market” No. 39—FZ dated April 22, 1996; any securities representing such shares, or any other securities of said entities and • Federal Law “On Joint Stock Companies” No. 208—FZ dated shall not be interpreted as such; neither this report, any part thereof, nor the fact of December 26, 1995; This Report is prepared in accordance with the Core option its presentation or distribution shall give the grounds for any contract, obligation, or • Bank of Russia Directive “On the Deadlines and Procedure for of the Global Reporting Initiative Standards (GRI Standards). investment decision and shall not be relied upon in connection with any contract, the Preparation and Submission of the Financial Statements of Previous Sberbank reports were prepared “taking into obligation, or investment decision.
    [Show full text]
  • Rosneft Annual Report 2012
    ROSNEFT ANNUAL REPORT RESPONSIBILITY 2012 TO BE A LEADER ROSNEFT IS THE LEADER OF THE RUSSIAN OIL INDUSTRY AND ONE OF THE WORLD’S LARGEST PUBLICLY TRADED OIL AND GAS CORPORATIONS BUSINESS GEOGRAPHY: Nearly all regions of Russia and a number of foreign countries. MAIN BUSINESSES: Exploration and producton of oil and gas, production of petroleum products and petrochemicals, sale of outputs in Russia and abroad. MAIN ASSETS: • PRMS proved reserves: 18.3 billion barrels of crude oil and 992 bcm of gas; • 424 producing fields with annual output above 890 million barrels of oil and 16 bcm of gas; • 7 oil refineries in Russia with aggregate refining capacity of 54 mln t of oil per annum; • Stakes in 4 refineries in Germany with net capacity of 11.5 mln t of oil per annum; • 1,691 operating filling stations under the Rosneft brand in 46 regions of Russia and 3 filling stations in Abkhazia. COMPETITIVE ADVANTAGES: • Resource base of unique scale and quality; • Russia’s largest greenfield projects; • Lowest unit lifting costs; • Status of a Company of strategic importance for the Russian Federation. FUTURE: A global energy Company, providing consistently high returns to shareholders through sustainable growth, efficiency gains and innovation, including the design and application of new technologies. DEVELOPMENT PRIORITIES: • Maintaining production levels at existing fields and devel- opment of new fields, both onshore and offshore; • Bringing hard-to-recover reserves into production; • Efficient monetization of associated and natural gas reserves; • Completing modernization of refining capacities; • Increasing marketing efficiency in Russia and internationally; • Achieving technology leadership thanks to in-house re- search and development work and strategic partnerships; • Implementing best practice in protection of the environ- ment and industrial safety.
    [Show full text]
  • ACRA Affirms ААА(RU) to SOGAZ INSURANCE, Outlook Stable Lead Analysts
    FINANCIAL INSTITUTIONS RATING PRESS RELEASE INSURANCE June 25, 2021 ACRA affirms ААА(RU) to SOGAZ INSURANCE, outlook Stable Lead analysts: Alla Borisova, Associate Director +7 (495) 139-0480, ext. 153 The credit rating assigned to SOGAZ INSURANCE (hereinafter, SOGAZ, or the Company) [email protected] is based on its very strong business and financial profiles and adequate management quality. The rating is backed by the Company’s strong market position and operating Irina Nosova, Director performance, and high assessments of capital adequacy, asset quality, and liquidity. +7 (495) 139-0481 Additional positive influence comes from the assessment of the Company’s relationship [email protected] with one of its shareholders and largest customer, Gazprom (ACRA rating: AAA(RU), outlook Stable). In 2020, SOGAZ continued to confidently lead the Russian insurance market in terms of signed insurance premiums, assets and equity. SOGAZ Group includes the parent company SOGAZ INSURANCE (a universal insurer), its subsidiaries: IC SOGAZ-ZHIZN LLC (life insurance) and IC SOGAZ-Med JSC (compulsory health insurance), and several healthcare and related businesses. SOGAZ provides insurance cover to major Russian corporations, including Gazprom, Rosatom, Joint Stock Company “Russian Railways” (ACRA rating: AAA(RU), outlook Stable), and Rosneft Oil Company. Key rating assessment The very strong business profile stems from the Company’s strong market positions and factors strong operating performance. The market share of SOGAZ Group is 24.4% according to data for 2020. SOGAZ Group holds strong positions in the accident insurance, voluntary health insurance and corporate property insurance segments (50%, 38% and 54% of the market in the aforementioned period, respectively).
    [Show full text]
  • Annual Report of Sogaz Insurance Group
    ANNUAL REPORT OF SOGAZ INSURANCE GROUP CONTENTS 03 BRAND PROMOTION 33 04 Address by the Chairman of the Board of Directors 6 Address by the Chairman of the Management Board 7 SOCIAL RESPONSIBILITY 35 01 05 SOGAZ INSURANCE GROUP PROFILE 9 OPERATING EFFICIENCY OF THE GROUP 39 Group Management 10 > Personnel Management 39 Group’s Position in the Insurance Market 11 > Location of Head Office 41 > Information Technology 42 > Risk Management 43 02 SOGAZ GROUP’S BUSINESS DEVELOPMENT IN 2010 15 06 Corporate Insurance 15 INVESTMENT POLICY 47 > Insurance of the Fuel and Energy Industry 15 > Industrial Insurance 18 > Transport Insurance 18 07 > Agricultural Sector Insurance 20 > Insurance of Federal and Regional Targeted FINANCIAL STATEMENTS 49 Investment Programs 21 > Balance Sheet of OJSC SOGAZ 49 > Personal Insurance 22 > Income Statement of OJSC SOGAZ 53 Reinsurance 25 > Auditor’s Report 56 Regional Network Development 27 International Development 28 Loss Adjustment 29 08 RETAIL INSURANCE 31 CONTACT INFORMATION 59 Annual Report, 2010 г. CONTENTS 5 Dear shareholders, One of the milestone events in the Russian insurance market in 2010 was the adoption of the law regarding obligatory insurance of hazardous production facility owners’ liability. Today, work is underway to develop a number of key legislative drafts aimed at expanding the application field of insurance as an efficient risk management tool, which will provide a great spark to the development of insurance in Russia. In many respects, the crucial factor at this stage will be the activities of the industry’s leaders. They are to play the key role in formation of insurance culture in Russia, establish new quality standards of insurers’ activities and enhance public confidence in the institution of insurance at large.
    [Show full text]
  • Theory& Practice
    GREATER OPPORTUNITIES. GREATER RESPONSIBILITY. / theory& practice Operational efficiency and sustainability, flexibil- ity and consistency, availability and professional- ism, versatility and competency in the areas of expertise… These are only a few key factors supporting success in the insurance business. The SOGAZ Group success story, as well as its rep- utation and positions in the Russian insurance market prove that the company is fully in position to meet those challenging requirements. SOGAZ meets expectations of its clients, shareholders and partners, thus creating for them an oasis of stability and confidence in the future. annual report for / for 2005 CONTENT ANNUAL REPORT ANNUAL /// Pages Pages Pages / Board of Directors / About SOGAZ Group / Cooperation Chairman's Appeal with Gas Industry / SOGAZ Group Members Management Board Group's Business / JSC / Chairman's Appeal / SOGAZ Management Diversification Board Up-to-date Approaches JSC / / SOGAZ Management and Technologies Board / Social Activity / 2005 Key Events and Charities / Activities of SOGAZ Group in 2005 – Main Results theory&practice theory&practice of successful business of better decisions SOGAZ GROUP ANNUAL REPORT ANNUAL CHAIRMAN'S APPEAL MANAGEMENT BOARD MANAGEMENT BOARD OF DIRECTORS BOARD CHAIRMAN'S APPEAL AND / Greater Opportunities. Greater Responsibility. SOGAZ GROUP INSURANCE /// Pages Pages Pages JSC / SOGAZ Group / SOGAZ / Contact Information Regional Policy Financial Report / Representatives JSC JSC / Russian Insurance / SOGAZ Profit of SOGAZ Market Development
    [Show full text]
  • Annual Report for 2013 1 Sogaz Ojsc, 2013
    ANNUAL REPORT FOR 2013 1 SOGAZ OJSC, 2013 MESSAGE OF THE CHAIRMAN OF THE BOARD REINSURANCE 56 OF DIRECTORS 2 SETTLEMENT OF LOSSES 58 MESSAGE OF THE CHAIRMAN OF THE MANAGEMENT BOARD 3 REGIONAL NETWORK DEVELOPMENT 62 SOGAZ INSURANCE GROUP 6 MEDICAL INFRASTRUCTURE DEVELOPMENT 65 RUSSIAN INSURANCE MARKET: RESULTS OF 2013 8 INVESTMENT POLICY 67 MARKET POSITION OF SOGAZ INSURANCE GROUP 13 RISK MANAGEMENT 68 PROPERTY AND LIABILITY INSURANCE 17 PERSONNEL MANAGEMENT 69 PARTICIPATION IN INTERNATIONAL PROJECTS 39 INFORMATION TECHNOLOGY 74 PARTNER AND RETAIL SALES DEVELOPMENT 41 CHARITY AND SPONSORSHIP 75 PERSONAL INSURANCE 44 FINANCIAL PERFORMANCE 80 MESSAGE OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ОАО «СОГАЗ», 2013 Sogaz has been actively developing its affiliated network and retail business, has been improving its business processes. The Group has taken over TRANSNEFT Insurance Company which has been for many years a leading insurer in pipeline transportation of oil and allied sectors. Sogaz remains focused on the increase Dear shareholders! of customer care level, the improvement of the loss settlement system. Large amounts of insurance benefit Last year, Sogaz Insurance Group turned 20 years old. payments paid by the company in the reportingyear once All these years, Sogaz not only has been a reliable partner again prove that Sogaz is a reliable and responsible of gas industry companies, but also actively facilitated leading insurerin Russia. cooperation with companies engaged in other economy sectors, expanded its geographic reach. I am confident that this active and systematic approach aimed, first of all, to improve business performance will Today, Sogaz Group is a leader of the Russian insurance further increase value of Sogaz, strengthen its leading market, the most profitable Russian insurance company position in the Russian insurance market.
    [Show full text]
  • SOGAZ GROUP International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor's Report 31
    SOGAZ GROUP International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor’s Report 31 December 2018 SOGAZ GROUP CONTENTS INDEPENDENT AUDITOR’S REPORT ............................................................................................................................... 3 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position ..................................................................................................................... 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income ..................................................................... 7 Consolidated Statement of Changes in Equity .................................................................................................................... 9 Consolidated Statement of Cash Flows ............................................................................................................................. 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 Introduction ............................................................................................................................................................ 11 2 Operating Environment .......................................................................................................................................... 11 3 Summary of Significant Accounting Policies .......................................................................................................... 11 4 Critical Accounting Estimates
    [Show full text]
  • Global Insurance Broking: Oil and Gas Industry Deloitte CIS Research Centre Moscow, 2016 Brochure / Report Title Goes Here | Section Title Goes Here
    Global insurance broking: Oil and gas industry Deloitte CIS Research Centre Moscow, 2016 Brochure / report title goes here | Section title goes here Introduction 03 Key findings 04 Overview of the insurance broking market 08 Insurance broking in Russia 08 Infrastructure of the insurance intermediary market abroad 15 Insurance broking services in the oil and gas sector 21 Key aspects of risk management in the oil and gas industry 21 Advantages of engaging insurance brokers in the oil and gas industry 31 Practices of insurance broker selection in the oil & gas industry 35 Competitive environment and insurance broker selection criteria in Russia 36 Competitive environment and criteria for choosing an insurance broker abroad 42 Integration of results: General broker selection matrix 48 Selecting an insurance broker for companies operating in extreme conditions with high synergy of risks 50 Validation 62 Information sources 63 Our team 64 02 See detail Global insurance broking: Oil and gas industry Introduction The high quality of insurance services, both in Russia and globally, is evidenced, among other things, by consistent relationships between parties: insured, insurers, insurance intermediaries (agents and brokers), insurance underwriters and public insurance regulators. The interests of different insurance parties are intrinsically interrelated. That is why, finding the optimal balance of interests is critical to the functioning and sustainable development of the entire system. Any significant shift towards one or another group disrupts the system’s internal balance, hinders the smooth running and evolution of insurance relationships and may even escalate crises and destroy the insurance market as a whole. Any failure of insurance-related companies and regulators to correctly interpret the peculiar and systemic nature of the Russian insurance business will inevitably entail disastrous consequences [6].
    [Show full text]
  • Topics Geo 2012 1 Contents
    TOPICS Natural catastrophes 2012 Analyses, assessments, positions GEO 2012 TOPICS 2013 issue GEO Catastrophe portraits: Drought in the USA · Hurricane Sandy · Earthquakes in northern Italy · Earthquakes Catastrophe and Research Sandy · NatCatSERVICE · Hurricane portraits: in the USA Drought The great drought USA experiences the worst drought catastrophe of recent decades. PAGE 16 Hurricane Sandy In Focus NatCatSERVICE Record storm surge Russia – A land of Overview of natural along US East Coast extremes catastrophes 1980–2012 Munich Re Munich EDITORIAL Dear Reader, First Irene then Sandy: the two tropical cyclones struck the northeast coast of the USA in consecutive years. Whilst Irene had caused moderate losses in 2011, Sandy, a late-October storm, graphically demonstrated the destructive power of hurricanes. Sandy ranks alongside Hurricanes Andrew (1992) and Katrina (2005) as one of the costliest storms in terms of insured losses. Power outages lasting several days in some areas also showed just how vulnerable modern society is, despite all the preventive measures. Overall, the natural catastrophe statistics for 2012 were largely dominated by atmospheric events, with no catastrophic earthquakes. Due to a number of major weather-related catastrophes, including severe tornado outbreaks in the spring and a record drought in the US Midwest, the USA accounted for an exceptionally high proportion of natural catastrophes. However, Russia also experienced unusually hot, dry conditions, and vast tracts of land were devastated by wildfires. In view of climate change, it is to be feared that Russia will be increasingly affected by disastrous natural hazard events. Our “In Focus” section presents an analysis of the situation and explores the consequences for the insurance industry.
    [Show full text]