"Promoting International Collaboration: Rosneft Welcomes First Indian Board Member to Enhance Global Perspective"

Russian Energy Giant Rosneft Appoints First Indian Director, Explores Stronger Ties with India

Rosneft, the renowned Russian energy company, has recently made a significant move by appointing a former director of the Indian Oil Corporation (IOC) to its board of directors. G K Satish, who retired from his position as the director for business development at IOC in 2021, is among the three new members added to Rosneft's 11-member board. This appointment signals Rosneft's intention to strengthen trade links with India, where it already has partnerships with IOC in various oil and gas fields in Russia.

As the first Indian to join Rosneft's board, Satish brings deep insight into the Indian oil and gas market, along with expertise in petroleum product marketing, petrochemicals, liquefied natural gas (LNG), and international trade. His appointment is particularly significant as Rosneft seeks to expand its collaboration with Indian firms, including potential deals for LNG sales.

During his tenure at IOC, which began in September 2016, Satish also served as the chairman of IndianOil Adani Gas Pvt Ltd, a joint venture between IOC and the Adani Group focused on retailing compressed natural gas (CNG) and piped cooking gas. This venture played a pivotal role in Adani Group's entry into the city gas market, ultimately making it the largest operator in the sector.

Rosneft's shareholders, at their recent annual general meeting on June 30, elected the new board of directors, which now includes Satish and ten other members. Igor I Sechin, a trusted confidant of Russian President Vladimir Putin, retains his position as CEO and chairman of the management board at Rosneft.

The addition of Satish and other members to the board aligns with Rosneft's commitment to diversify its leadership with international expertise. Notably, Rosneft already has representatives from Qatar and the Philippines on its board. Mohammed Bin Saleh Al-Sada, chairman of the board of trustees of Dohal University of Science and Technology, has been elected as the Chairman of Rosneft Oil Company's Board of Directors.

What is Rosneft ?

Rosneft, which sells approximately 2 million barrels per day of crude oil to Indian firms, currently has a long-term deal with Satish's former company, IOC, for the sale of 6 million tonnes of crude oil annually. The company aims to establish similar agreements with other state-owned refiners in India, such as Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).

Additionally, Rosneft holds a majority stake in Nayara Energy, which operates a large refinery with a capacity of 20 million tonnes per year in Gujarat and owns over 6,300 petrol pumps across India.

It is worth mentioning that IOC, along with Bharat PetroResources Ltd (a BPCL subsidiary) and Oil India Ltd, acquired a significant stake in Rosneft's Vankor and Taas-Yuryakh oilfields in 2016. These strategic investments solidified IOC's position as the largest importer of Russian oil in India and the only company with a long-term delivery agreement with Rosneft.

With the appointment of G K Satish and its ongoing collaborations, Rosneft demonstrates its commitment to fostering stronger ties with Indian partners and expanding its presence in the dynamic Indian energy market.