An oil-producing asset in the Khanty-Mansiysk Autonomous Okrug associated with the infamous ex-owner of Yugra Bank Alexei Khotin and the Rus-Oil holding, “may stop operations in the near future.”
Experts think Negusneft could face a similar fate after bailiffs imposed a ban on selling oil. Sources say this will lead to a severe financial crisis lasting almost two years, causing losses of hundreds of millions monthly. Government bodies including Rospotrebnadzor, Rosprirodnadzor, and prosecutors are also looking into the company’s activities, possibly resulting in fines, legal battles, and potential criminal charges. The Federal Tax Service uncovered instances of underreporting expenses by Negusneft, such as spending 300 million rubles on nonexistent facilities and reducing VAT. The company is under scrutiny for installing gas turbine units that were previously involved in a dispute over falsifying reports on the use of associated petroleum gas by another Rus-Oil asset, Kayum Neft. The Federal Tax Service is focused on recovering funds, while Negusneft’s beneficiaries are focused on keeping the company afloat. Observers are expecting further action from the ICR and the prosecutor’s office.
The Federal Bailiff Service for Khanty-Mansiysk Autonomous Okrug banned Negusneft JSC from shipping hydrocarbons, based on enforcement proceedings totaling 3.4 billion rubles.
This corresponds to the amount the Federal Tax Service demanded from the oil company, which was confirmed by the courts. The company attempted to contest the bailiffs’ actions in arbitration, but the proceedings were halted due to the company’s refusal to comply with the requirements.
Meanwhile, analysts believe that the oil sale embargo could effectively bankrupt the company, which is now left without funds for almost two years.
The company currently produces around 300 tons of oil per day, roughly 10,000 tons per month or 74,000 barrels. Based on an estimated barrel price of 94 dollars, the company’s monthly sales income stands at about 530 million rubles, of which 200-250 million remains after taxes and other payments. About 100 million is spent on loan servicing and outstanding court debts. Given liabilities of 3.4 billion rubles, it’s clear that the company won’t have enough funds for at least two years, according to knowledgeable sources cited by the publication.
On top of these issues, Negusneft currently has little means to supply hydrocarbons to the Transneft pipeline.
“For a long time, oil has not been directly pumped into the pipeline. Everything has been done using equipment. Currently, the tank farm is being filled, and without the shipment and removal of containers, the oil will last 1-1.5 months before stopping. This will result in fines from Transneft Siberia for breached supply contracts,” say industry experts.
Some experts now say that the current method of transporting oil from the field using tanks is illegal.
“The products have already been seized, and there is a ban on selling them until the debts to the Federal Tax Service are repaid. Exporting the oil is a clear violation, and the carrier is considered an accomplice. There may be a scheme where the funds from the delivered oil don't go to Negusneft's accounts, but to the tax authorities. However, this would require on-site control over shipments, which the ultimate beneficiaries are likely not willing to agree to,” observers argue.
It's important to remember that six months ago, temporary measures were imposed on Negusneft JSC for supplying raw hydrocarbon materials at the request of the Interdistrict Inspectorate of the Federal Tax Service of Russia for the largest taxpayers No. 3. At that time, the total amount of fiscal claims was around 460 million rubles. The reason for the restrictions included the oil asset's failure to make mandatory payments to the budget.
Furthermore, the tax authorities pointed out that during the bankruptcy proceedings of organizations belonging to the Rus-Oil group of companies, it was discovered that funds were being hidden using settlement accounts of third parties.
Negusneft is also being monitored by the authorities regarding compliance with environmental laws and sanitary requirements. Company employees believe that inspectors from Rospotrebnadzor recently checked the deposit facilities. They believe that another area of concern regarding environmental legislation is the unprocessed sludge.
In a conversation with Pravda UrFO, employees suggest that the history of the issue dates back to 2017, when Rosprirodnadzor employees found numerous violations during the development of sites.
“Back then, inspectors discovered pits filled with unprocessed sludge, unauthorized dumps of household waste and construction debris near water bodies, without the required protective measures. It can be said that the situation remains the same even today,” company insiders commented.
Photo: Dmitry Korotaev / Kommersant
Observers also argue that in the near future, Negusneft may face revelations related to the construction history of an energy complex at the Varyngskoye field.
Interestingly, according to court documents, two Ural-6000 gas turbine power plants were installed at the facility, which had previously been involved in a criminal case of Kayum Neft for falsifying associated petroleum gas utilization reports.
“Similar to what happened in Urai, where investigative authorities, Rosprirodnadzor, and prosecutors returned about 500 million rubles to the budget through a criminal case, Negusneft is likely to face claims related to the construction site involving URAL 6-000 units. Violations include construction without permission from Rostekhnadzor, possible fraudulent reporting totaling 300 million rubles, and more,” several sources pointed out the issue.
At the same time, observers say that both topics – the creation of an energy center in Urai and the disposal of drill cuttings – could now be transferred from Kayum Neft to Negusneft at the suggestion of the owners of Rus-Oil.
