The Federal Agency for State Property Management (Rosimushchestvo) has prepared a list of state companies and federal unitary enterprises that are required to prepare and publish reports in accordance with IFRS. On this list, along with Rosneft, Gazprom and Inter RAO, was Rosneftegaz. Interfax reports this with reference to its sources.

The list prepared by the Federal Property Management Agency was sent for approval to various departments, including the Ministry of Energy. Acting General Director of Rosneftegaz Larisa Kalanda wrote a letter to the Ministry of Energy. In it, she asked the ministry to delete Rosneftegaz from this list.

According to the acting general director, the company is not a vertically integrated holding structure that exercises operational production control. Rosneftegaz does not have any managerial influence on the activities of Inter RAO, Rosneft and Gazprom, in which it owns shares. Rosneftegaz is not engaged in any other operational activities related to the production or sale of goods and services.

Other areas of activity, besides the key one, namely providing financing to fuel and energy enterprises for their additional capitalization and asset management, are not yet being considered. The company does not influence the decisions of the Federal Agency for State Property Management, the government, and ministries regarding Rosneft, Gazprom and Inter RAO. In addition, as Kalanda notes, Rosneft, Inter RAO and Gazprom, whose shares are owned by Rosneftegaz, independently report under IFRS.

According to the acting general director, the decision to compile financial statements under IFRS by Rosneftegaz will unreasonably contradict the goals and objectives of the company’s activities, lead to unreliability of the reporting itself and mislead interested users.

The Ministry of Energy agreed with the arguments presented and, when agreeing on the document, proposed that the Ministry of Economic Development remove Rosneftegaz from the list of state-owned companies required to report under IFRS.

Rosneftegaz does not want to publish IFRS financial statements