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Surgutneftegaz Insurance Company LLC is a universal insurance company with an average premium. The owner of the company is the oil company Surgutneftegaz. At the end of 2017, the company took 51st place in terms of fees in the ranking of Russian insurers and second place among regional companies of Khanty-Mansi Autonomous Okrug-Yugra. In the insurance portfolio, the most significant shares are occupied by: OSAGO (29.49%), property insurance legal entities(27.07%) and Casco (10.48%). The regional network of the company includes seven branches in Russia. The head office of the company is located in Surgut.
Surgutneftegaz Insurance Company was established in 1996 in Surgut by one of the largest oil and gas companies in Russia, Surgutneftegaz. Thanks to the support of a powerful founder, almost from the first years of operation, the company managed to take a leading position not only in the insurance market of the Urals and Western Siberia, but also among all Russian insurers. Since 1998, Surgutneftegaz has consistently ranked among the top 40 largest insurance companies in Russia.
At first, Surgutneftegaz was mainly engaged in servicing the interests of the oil holding, and by the beginning of the 2000s, it decided to enter the open market and attracting "outside" customers. At the same time, the company began to work with individuals. Since 2003, the company has started insuring OSAGO, and in 2004 it created a life insurance subsidiary, Surgutneftegaz-life. At the same time, Surgutneftegaz was actively expanding its regional business. So, by 2007, the company's branch network consisted of 25 divisions, and a year later their number increased to 41. In the next few years, the company continued to reduce the share of captive business, expand the regional network and develop sales channels. In 2010, Surgutneftegaz managed to enter the top 30 largest Russian insurers (the amount of insurance premium collected was 3.8 billion rubles). At the same time, the market share of the insurer increased from 0.6% in 2009 to 0.7%, and the number of regional divisions of the company reached 50.
In the future, the company continued to implement a strategy aimed at increasing its presence in the regions, improving the efficiency of regional business, achieving a more balanced portfolio of contracts by increasing the share of corporate insurance, as well as maintaining the market share of premium collections. As a result, in 2012 and 2013 Surgutneftegaz ranked 29th and 28th respectively among the largest Russian insurance companies. At the same time, the main share of the insurer's business accounted for personal insurance and property insurance (44% and 39% of the total premium collected in 2013).
At present Surgutneftegaz is a universal insurance company. Main activities – property insurance corporate clients(for the most part - the property of NK Surgutneftegaz), auto insurance, personal insurance (VHI, insurance against accidents and illnesses).
The company is a member of the All-Russian Union of Insurers, the Russian Union of Motor Insurers, National Union liability insurers and the National Association of Nuclear Insurers.
The sole owner of the insurance company is one of the largest Russian oil and gas producing companies OJSC “Surgutneftegaz” (100% share in the authorized capital).
In 2012 and 2013, the company showed an increase in fees of 15.4% and 8.41%, respectively. In subsequent years, a decrease in revenues was recorded: in 2014-2015 - by 23.85% and 14.9%, respectively, and at the end of 2016 - by 19.9%. In 2017, the insurer collected 2.89 billion rubles of premiums, which is 6.55% more than a year earlier (2.71 billion rubles in 2016). In the fee structure, 62.35% falls on contributions under agreements with legal entities and 37.65% - with individuals. The main volume of premiums was collected in the Khanty-Mansiysk Autonomous Okrug - Yugra (77.8% of the total collection). IN this region The company ranks second in terms of premiums, with a market share of 16.1%. The company's payments in 2017 amounted to 1.59 billion rubles, the level of payments was 54.94%. In the first half of 2018, the insurer received 1.72 billion rubles of premiums, which is 6.44% more than in the same period previous year(in 2017 - 1.61 billion rubles). The amount of payments for this period amounted to 653.14 million rubles, the level of payments - 38.03%.
In 2017, the most significant shares of the insurance portfolio are occupied by: auto insurance (39.97%, of which hull insurance - 10.48%, OSAGO - 29.49%), property insurance (29.36%, of which property of legal entities - 27, 07% individuals– 2.29%), accident and illness insurance (8.41%), voluntary health insurance(8.23%), air transport insurance (4.56%), civil liability insurance of air transport owners (3.35%) and cargo insurance (2.26%).
In 2017, with the help of intermediaries, the insurer collected 1.06 billion rubles (36.81%), the average agency fee amounted to 22.65%.
The company's reinsurance partners are leading Russian and international reinsurers such as Ingosstrakh, VSK, Reso Re, Marsh, Willis, and others.
In 2017 net profit of the insurer, according to RAS reporting, amounted to 136.11 million rubles, which is 5.5 times less than received a year earlier (in 2016 - 751.75 million rubles). Total income under IFRS for 2017 decreased by half against the income of the previous reporting period (in 2016 - 479.09 million rubles) and amounted to 236.08 million rubles.
According to individual reporting insurer for 2017, the number of insurance agents-legal entities amounted to 152 units. (of which 39 are insurance companies, 113 - other legal entities), insurance agents-individuals - 283 people. (of which 67 are individual entrepreneurs).
Management: Elvira Solovieva ( CEO), Andrey Kuyvashev, Evgeny Popov, Svetlana Makhmutova, Gulnara Mukhametova.
Among the company's clients are a number of large companies, such as Surgutneftegaz OJSC, UTair, Vostok Airlines, Rossiyskiye car roads”, Bashneftegeofizika, Uraltrubstal, Turukhan Airlines, Kirishinefteorgsintez, Lengiproneftekhim, Kirishiavtoservis, Baltic Export, Theater and Decoration Workshops, SIEPO, Krom-Market, Mostransagenstvo”, JSC “SPOPAT”, JSC “Surgut city Electricity of the net”, JSC SC Severavtodor, JSC Surgut Airport, JSC Technopolis Moscow, etc.
Company partners
Car dealerships and car services: Sibkar, Audi Service Surgut, Car Repair Enterprise, Vostok Motors Surgut, InterTechCenter, KIA Center Surgut, SK-Motors, Forward-Avto, etc.
Banks: Sberbank of Russia JSC, Raiffeisen Bank JSC, CB ForBank JSC, Surgutneftegazbank CJSC, Toyota Bank CJSC, Rigvans LLC (Transcapital Bank), UniCreditBank JSC, Soyuz Bank JSC ", OJSC "Uralsib", OJSC " Eastern Express”, PJSC VTB 24, OJSC Gazprombank, OJSC Nordea Bank, PJSC Promsvyazbank, LLC CB Uniastrum Bank, OJSC Rosselkhozbank, PJSC Khanty-Mansiysk Bank Otkrytiye, LLC Moskovsky Credit Bank”, JSCB “Novikombank”, etc.
OJSC “Surgutneftegas” is one of the largest oil companies Russia, actively developing the sectors of oil and gas exploration and production, gas processing and electricity supply, production and marketing of petroleum products, petrochemicals and gas chemistry products. official history enterprise began 40 years ago: since the creation in 1977 of the same name diversified production association.
The 1970s of the 20th century became a golden age for the fuel and energy complex of Western Siberia: one after another, new deposits were put into development - Solkinskoye, Fedorovskoye (later unofficially called the "second Samotlor"), Bystrinskoye, Savuyskoye, Lyantorskoye; automation of oilfield facilities began; Thanks to the associated gas from the Zapadno-Surgutskoye field, the Surgutskaya GRES was put into operation. Surgut received unofficial status oil capital Siberia and became the center of attraction for all the advanced forces of the country.
By 1977, oil production here reached 25 million tons, drilling volumes - almost 700 thousand meters.
For the further development of the industry, it was necessary to concentrate funds and capacities, to ensure a more efficient and purposeful use of the enterprises created by that time.
To this end, on October 3, 1977, the leadership of Glavtyumenneftegaz prepared Order No. 568 “On Structural Changes” - the signing of this document marked the appearance on the business map of the Union of a new diversified production association, named Surgutneftegaz.
By the mid-eighties, the company became one of the world leaders in the industry: production volumes exceeded 60 million tons of oil per year, 14 new fields were commissioned at an accelerated pace until 1989. Technologies also developed: the active introduction of the gas lift method of production began, specialized departments for enhanced oil recovery and overhaul wells, specialists began experimental and experimental work on the development of complex deposits.
IN modern times despite all the difficulties associated with the reforms in Russian economy, the company managed to maintain and expand production. In 1993 Surgutneftegaz was reorganized into Joint-Stock Company open type and already in this status continued its activities.
Despite the fact that Surgutneftegaz has been present on the market as a single vertically integrated structure for a little less than a quarter of a century, the history of its constituent structures goes back to a much more distant past, counts many victories and achievements, and is inextricably linked with the development of Big Oil in Western Siberia.
General Director of OAO Surgutneftegaz Vladimir Bogdanov.
For example, in 2014 Surgutneft, the oldest oil and gas production department in the structure of the company, turned 50 years old. The oilfield enterprise was created from scratch, in the absence of infrastructure: the only artery connecting Surgut with the outside world was the Ob River. Not a single kilometer of paved roads existed in the region, and the all-terrain vehicle remained the most common means of transportation until the early 70s.
Oil production in the first years of field development was seasonal - in the warm season, black gold extracted from the earth's interior was sent by barges along the river to the Omsk oil refinery. The wells were shut down for the winter.
With the launch of the Ust-Balyk-Omsk oil pipeline in 1967, the fields began to work year-round. The climate and landscape did not allow the use of traditional methods of laying roads, drilling wells, building pipelines, and developing deposits here. So the oilfield department of Surgutneft became a testing ground where innovative methods development of deposits in special mining and geological and climatic conditions- and a forge of personnel for all oil and gas producing enterprises in Western Siberia.
The famous oil refinery "KINEF" has been operating for more than half a century. The construction of the Kirishi oil refinery began in 1961. The enterprise was built at an accelerated pace: the construction of a strategically important facility began in 1961, and already in March 1966 the plant produced the first batch of products.
In 1972, Kirishinefteorgsintez Production Association entered the top five largest in the country in terms of refining volumes. The production was aimed exclusively at providing fuel to the North-West region of Russia. The commissioning of the refinery removed the problem of shortage of oil products, which hindered the development of the economy of this territory. With the commissioning of the Yaroslavl-Kirishi oil pipeline in 1969, the plant was able to receive oil from West Siberian fields for processing, its proximity to the Baltic ports opened up the possibility of profitable export of oil products to Western Europe.
In December 2013 OJSC “Surgutneftegas” on the basis of the Kirishi Oil Refinery completed the construction and put into commercial operation Europe's largest deep oil refining complex.
The history of some of the company's sales enterprises - Novgorodnefteprodukt, Tvernefteprodukt - goes back to the beginning of the 20th century and is associated with the name of the Nobel brothers, who created the first oil product trading enterprises in Russia. In the 20s and even 30s of the twentieth century, when the industrialization of the country began, oil product supply enterprises did not develop very actively, since cars were still rare, steam locomotives used mainly coal, river and sea vessels they were just starting to switch to fuel oil, only kerosene for the domestic needs of the population was required every year more and more. In those years, oil depots were built, which were small warehouses with tanks with a capacity of 0.5 to 2 cubic meters, oil products were dispensed manually. In fact, oil product supply enterprises developed only in the late 1940s.
In 1946, Kaliningradnefteprodukt was created on the basis of the Shell and Nitag facilities operating in East Prussia before the war. Tanks made of the famous Krupp steel and the only surviving building of a pre-war gas station, like living witnesses of the times, remain unchanged to this day.
The glorious history of the enterprises that are part of the structure of OJSC “Surgutneftegas” cannot but cause a feeling of pride. But modern stage The development of the company is no less impressive.
Over the 12 months of 2016, OJSC “Surgutneftegas” ensured the production of 61 million 848.6 thousand tons of oil, of which 8 million 894 thousand tons were produced at the fields of the Republic of Sakha (Yakutia), which exceeds the figure for 2015 by 5%.
As for gas, the volume of its production amounted to 9 billion 663 million cubic meters.
The volume of drilling by own forces of OJSC “Surgutneftegas” over the past year amounted to 4 million 688 thousand meters of rocks, including exploration drilling - about 188.3 thousand meters.
In the medium term, OJSC “Surgutneftegas” will retain all costs for exploration work.
- The bar of 16 billion rubles remains until 2018. The business plan adopted by the management of Surgutneftegaz does not imply cutbacks or significant changes in the exploration policy, Vyacheslav Chirkov, chief geologist of the company, said.
Achievements recent years- commissioning in 2014 of three new fields in Western Siberia - Vysotnoye, Kochevsky and Verkhnekazymsky. The formation of new oil production clusters in this area continues. The head of Surgutneftegaz, Vladimir Bogdanov, noted that one of such clusters is the Rogozhnikovskaya group of fields. In 2015, in particular, the V.I. Shpilman (Severo-Rogozhnikovskoye).
One of the brightest news is the creation of a new oil-producing cluster in the Uvat district in the south of the Tyumen region. Surgutneftegaz already owns 12 license blocks in this area. On the territory of the Uvat district, according to the results of geological exploration work carried out by the company, two deposits were discovered - Yuzhno-Nyurymskoye and Demyanskoye. Their total reserves in C1+C2 categories amount to several tens of millions of tons of oil.
The first - and key - of these underground storerooms is already being developed: the company reported on the commissioning of the Yuzhno-Nyurymskoye field on September 1 last year. The volume of capital investments in the development of the field amounted to 15.2 billion rubles. It is noteworthy that the share of domestic equipment in the new field is more than 90%. In the first year of operation of the field, the company plans to produce more than 140 thousand tons of oil.
The planned volumes and high pace of exploration work will contribute to advanced preparation and commissioning of the Demyanskoye field in 2018.
OJSC “Surgutneftegas”, being one of the leading oil companies in Russia, is fully aware of its responsibility to society for the preservation of a favorable environment and the rational use of natural resources in all regions of its activity.
A star named ... "Surgutneftegaz". For the first time, a star will appear on the Walk of Fame in Khanty-Mansiysk in honor of the whole team, and not an individual. It was established on the occasion of the 40th anniversary of the company and will be opened in September 2018. Governor of Yugra Natalya Komarova announced this at the festive celebrations. For a whole week, the 120,000-strong team received congratulations: they came from the head of state Vladimir Putin, Prime Minister Dmitry Medvedev, President of Belarus Alexander Lukashenko. And personally, Minister of Energy Alexander Novak, all the governors of the “Tyumen Matryoshka”, and, of course, movie and pop stars, visited the anniversary of the oil giant.
Dmitry Pevtsov and Oleg Mityaev, Dina Garipova and Sergei Shakurov, Nona Grishaeva and, of course, Surgut artists became participants in a large festive program at the Neftyanik Palace of Arts. You can't just call it a concert. Thanks to the possibilities of the modern stage, a whole 3D performance has unfolded here. The main spectators are those who are considered people of a special warehouse, a special destiny. Surgutneftegaz approached its 40th anniversary with almost 120,000 employees.
“The Khanty-Mansiysk Autonomous Okrug is a large, friendly, hardworking family, and one of its most powerful sons, Surgutneftegaz, is achieving tremendous success, each employee separately, and the whole team as a whole,” said Yugra Governor Natalya Komarova.
During the celebration of the anniversary, more than 3,600 employees of Surgutneftegaz received awards - state and departmental, from the district government and directly from the enterprise, many were awarded the title of "honorary oilman". Among those who were marked by name, there are many veterans. After all, it was they who laid down the labor traditions of the team and were the first in everything: among the impenetrable swamps and taiga, they are in record short time discovered new deposits, created a production infrastructure, ensuring the dynamic development of the Yugra territories.
“You know, oddly enough, the first difficult years I remember how hard it was to build and mine all this. Pipelines, mud - all this was not particularly pleasant, but I remember it first of all, ”recalls Alexander Golubov, the oil production operator of NGDU Lyantorneft of OAO Surgutneftegaz.
“We lived as one family, that is, we shared a piece of bread, and joy, and sorrows, and victories,” says Gennady Muzhikov, foreman of Surgut UBR No. 2 of OJSC Surgutneftegaz.
The team does not just remember the feat of their pioneering veterans, but is ready to repeat and multiply it. For example, 13 years ago, the team of OGPD Talakanneft found itself in the same difficult conditions, which entered the territory of Eastern Siberia, in Yakutia. And again, Surgutneftegaz proved to be at its best: an airport was built from scratch, berths on the banks of the Lena, cozy towns for those who work on a shift and are cut off from home for a long time. With this and other examples, the young replacement of oil workers proved to the veterans that they can be calm about the future of the enterprise.
“Young people come purposeful, literate, and they know why they came, they try, go in for sports, their attitude to work is better or completely different than in the 90s. And this, of course, pleases, ”gennady Muzhikov notes.
Today structural units and subsidiaries of Surgutneftegaz are located in 16 regions of the country. Therefore, hundreds of Russian and foreign partners joined the congratulations - industrial, metallurgical, machine-building companies, as well as financial and banking sector, research institutes.
“For 40 years, we have created a powerful industrial and scientific base, and, of course, our main capital is a team of true professionals who are capable of solving any problems. The skill of our team and the huge resource potential of the enterprise are the basis for further dynamic development, a guarantee that Surgutneftegaz will continue to achieve high results in all areas of its activities,” said Vladimir Bogdanov, General Director of OJSC Surgutneftegaz, in his solemn speech.
Surgutneftegaz has long realized that the earth no longer seeps through with oil from open pores, as Vysotsky once sang. The era of hard-to-recover reserves is coming. The company has already thrown a lot of effort into working with them. Surgutneftegaz is expected to win new victories today, but perhaps the most important thing is that the team itself believes in these victories. So, to the question all from the same song - "what about the oil?", they will answer again - "let there be oil!".
Svetlana Slavkina
The state company Rosneft, which has a de facto monopoly in the pipeline, will have to move. At the end of last week, Transneft President Nikolai Tokarev announced that Surgutneftegaz plans to supply up to 9 million tons of raw materials via the East Siberia-Pacific Ocean oil pipeline. In this regard, foreign investors again asked themselves the question: what kind of company is Surgutneftegaz, for which Rosneft itself was moved, and who are its owners?
The state company Surgutneftegaz was privatized in the 1990s. However, if other major energy companies after voucher privatization and loans-for-shares auctions fell into the hands of bankers who later became oligarchs, Surgutneftegaz remained in the management of the “labor collective”, which is still headed by the same "Red Director" Vladimir Bogdanov. True, since that time the company has had new owners, but their names are not known to anyone for certain - the company has never disclosed a list of its main shareholders.
According to the British Financial Times, CEO Bogdanov last answered a question about the owners of the company in 2008. Then he told foreign journalists that he himself did not really know who had the majority of the company's shares. Say, he himself has less than 2% of the shares, so he does not even have access to the register of shareholders, Bogdanov explained.
According to the Financial Times Vladimir Milov, who until 2002 was the Deputy Minister of Energy of Russia, such a "tangled" ownership system was created specifically in order to hide the names of well-known officials - shareholders, possibly belonging to the highest echelons of power. “Who actually owns Surgutneftegaz is the secret number 1 in the Russian oil industry" Milov said. However, this ownership structure can be explained by two more reasons: the concentration of control in the hands of management and protection from hostile takeovers.
At the same time, unlike Rosneft, which has 70 billion dollars of debt, Surgutneftegaz is the richest oil company in Russia, but its money is spread out in different "pockets". As Vedomosti wrote, there is a whole network of 23 firms, non-profit partnerships and funds affiliated with Surgutneftegaz, either established by it or managed by its managers, including CEO Bogdanov. Are common financial investments in these organizations reach more than 1 trillion rubles. Thus, Surgutneftegaz's accounts have more than $30 billion of free funds: the company keeps money mainly in dollars, annually earning up to $1 billion on interest. And who owns these billions is unknown.
Kremlin Lubricant Fund
Western analysts suggest that the money and shares of Surgutneftegaz belong to large government officials, and Bogdanov is simply their "watcher". The American New York Times writes that there are rumors among investors that Surgutneftegaz is just the Kremlin's "lubrication fund". What do participants think about this topic? Russian market shares? SP asked about this ChebotarevLab Asset Manager Yuri Chebotarev.
— Before the attack on Yukos in 2003, a few months before litigation, Putin went to Surgut and had a long conversation with Bogdanov, who after that stopped talking about the market, and talks more and more about oil rigs and pumps. The fact is that Yukos was then the first Russian oil company that began to publish full open reports on its activities, and to indicate exactly who owns its shares, what income it has. Thus, Yukos switched to international standards reporting, and the same, according to the logic of the market, should have been done by everyone else. But the Kremlin obviously did not like this, and Yukos was crushed, and Surgutneftegaz after that became the most closed company on the market.
SP: What does this mean?
- It only says that Surgutneftegaz has something to hide about its shareholders and profits - any participant will tell you this stock market. In this regard, it is worth remembering what happened this year in Cyprus. When the banking crisis began there, and the deposits of bank customers began to be cut, there were reports that many accounts of Surgutneftegaz had suffered. Thus, the international financial elite made it clear to the Kremlin that they know where the money of Russian officials is stored and can easily get it. And judging by the fact that the accounts suffered the most Russian clients, I think it was for this purpose that the Cyprus operation was conceived.
— The shareholding structure of Surgutneftegaz is very tricky — circular: when one offshore company owns a block of shares, and it is owned by another offshore company, which, in turn, is owned by a third offshore company. In general, offshore on offshore, and offshore drives. And given that offshore companies do not disclose information about the beneficiaries, it is beyond the power of any market analyst to calculate who actually owns the shares of Surgutneftegaz and in what proportions. But Western intelligence agencies may well find out the owners, and they know them, because in Cyprus they acted confidently, knowing who they would strike the main blow. And, in general, they did not hide it.
"SP": - How does the market perceive such closeness of "Surgutneftegaz", does it hurt its image?
“Surgutneftegaz has no image on the stock exchange, stock market players are not interested in this company at all. And its shares are used stock speculators only to hedge risks - they go into these securities, the value of which practically does not change when the market crashes. It is not clear why Surgutneftegaz lists its shares on the stock exchange at all, they would have made it a closed joint-stock company. True, then it would be necessary to at least formally indicate the names of the owners, the reference to the "labor collective" would no longer work.
"SP": - Why, then, "Surgutneftegaz" is so worried about the West that they constantly raise this topic?
- An official, especially a high-ranking official, all over the world has no right to do business, because he has access to insider information and administrative resources. What is happening with Surgutneftegaz is a violation of Western business standards and global rules of the game in the market, of course, the global financial elite does not like this, and it will fight this situation to the last. And Cyprus is just the beginning...
Piggy bank of Russian officials
Although Surgutneftegaz officially remained under the control of its "labor collective", experts point to the company's connection with the circle of oligarchs who "rose" after Vladimir Putin became president.
In April of this year, it was discovered that about 40% of its shares, worth $15 billion, had disappeared from Surgutneftegaz's balance sheet. The only explanation for this disappearance may be that these shares were sold, but no one knows to whom, and there were no announcements from the company's management about this.
The world market reacted to this situation, to put it mildly, with surprise. According to the Financial Times, "Someone should have sued, but look what happened to Browder."
In 2005 a British citizen Bill Browder, the owner of the Hermitage Capital investment fund, having bought a minority stake in Surgutneftegaz, went to court to get more information about a significant share of shares held by non-transparent structures, and also tried to cancel them. But he was expelled from Russia five days before his lawsuit against Surgutneftegaz was due to be heard in court.
True, during the reporting in April this year, Western analysts had the opportunity to ask the management of Surgutneftegaz a question about the shares, but the company's management replied that "the law does not require disclosure of this information." However, as foreign lawyers note, if the shares were indeed transferred to new owners, then the company is "walking on the edge of the abyss." Indeed, under Russian law, if the sale of shares was not carried out in lump-sum packages of more than 5%, then disclosure of such information is not required. That is, from a purely legal point of view, Surgutneftegaz operates within the framework of the law, but from the point of view of world practice and norms, it clearly ignores them.
One way or another, but at a time when all major Russian oil companies are trying to become more transparent, and even hire Western investment banks as PR people to raise the price of their shares, Surgutneftegaz is moving in a different direction. Although the company trades in valuable raw materials and makes a large profit, its shares on the stock exchanges are valued even lower than their monetary assets are worth. The story of Surgutneftegaz is a typical example of Western investors' distrust of the Russian economy as a whole, the publication believes. The reason is the opacity of the company's ownership and its actions. For example, investors did not know for a long time that she financed the construction of a Russian Navy submarine base in Siberia.
In 23 firms of this "piggy bank", the money of Russian officials and their close "effective managers" is securely stored. Another confirmation of this is the story cited by the Financial Times. Krinum, which is based in the Western Siberian village of Barsovo and, according to its registration documents, provides only janitors, has 35 billion rubles, or $1.1 billion, in long-term assets, according to a Rosstat report. At the same time, the director of the company Olga Pustovalova, concurrently is the chief accountant of Surgutneftegaz, which is based half an hour from Barsovo in the city of Surgut. By phone, Pustovalova confirmed to the publication that she is also the director of Krinum, but declined to answer further questions.
According to the Financial Times, Krinum and 22 other similar firms, trusts and organizations based in Surgut and its environs are the “key to the puzzle” that has been tormenting Western investors and analysts for a decade. And its solution may give an answer to the question: who still owns the fourth largest oil company in Russia?
Photo: ITAR-TASS / Yuri Belinsky
