Russian energy giant Rosneft has appointed a former Indian Oil Corporation (IOC) director to its board in signs it may be looking at boosting trade links with India.
G K Satish, who retired as director for business development at IOC in 2021, is one of the three new faces appointed to the 11-strong board of directors of Rosneft, according to a statement issued by the Russian firm.
Satish, 62, is the first Indian to be appointed to the board of Rosneft.
Rosneft has partnerships with Satish’s former company in oil and gas fields in Russia. It also sells crude oil to IOC and other Indian firms and has in recent months started shipping naphtha to Gujarat refiners.
His appointment assumes significance as Rosneft is now eyeing more deals with Indian firms including the sale of liquefied natural gas (LNG).
Satish, who has deep insight into the Indian oil and gas market and has expertise in petroleum product marketing, petrochemicals, LNG and international trade, is one of the five independent directors on the Rosneft board.
During his stint at the IOC board beginning September 1, 2016, Satish was also chairman of IndianOil Adani Gas Pvt Ltd – the joint venture IOC had formed with Adani Group for retailing CNG and piped cooking gas. That venture helped Adani Group catapult into city gas and it is now the biggest operator.
Rosneft said its shareholders at the annual general meeting on June 30 elected a new board of directors consisting of 11 members. Igor I Sechin, a confidant of Russian President Vladimir Putin, continues to be the CEO and chairman of the management board of Rosneft.
Other members appointed include “Govind Kottis Satish, Managing Director, Value Prolific Consulting Services Pvt Ltd (ValPro),” it said.
ValPro is the firm that Satish joined as Managing Director in 2022. ValPro advises on mergers and acquisitions and investment banking. Former IOC chairman M A Pathan is on its board of advisor and its top management include former IOC executives.
Russia sells about 2 million barrels per day of crude oil or 100 million tonne on an annualised basis, to Indian firms.
Rosneft has a term deal to sell 6 million tonne a year of crude oil to Satish’s former company and is eyeing similar deals with other state-owned refiners including Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).
Rosneft is also a majority owner of Nayara Energy, which operates a 20 million tonne a year refinery at Vadinar in Gujarat and owns over 6,300 petrol pumps in the country.
IOC alongside Bharat PetroResources Ltd (a unit of BPCL) and Oil India Ltd in 2016 bought a 23.9 per cent stake in Rosneft’s Vankor oilfield for USD 2.02 billion. The consortium also took a 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion.
IOC is India’s largest importer of Russian oil and the only company with a long-term delivery deal in place with Rosneft.
Rosneft board includes representatives from Qatar and the Philippines.
MoneyControl