In a sign that it may be looking to strengthen trade ties with India, the Russian energy giant Rosneft has added a former director of the Indian Oil Corporation (IOC) to its board.
According to a statement released by the Russian company, 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-person board of directors of Rosneft.
The 62-year-old Satish is Rosneft’s first Indian board member. With Satish’s former business, Rosneft has joint ventures in Russian oil and gas fields. Additionally, it sells crude oil to IOC and other Indian businesses, and in recent months, it began delivering naphtha to refineries in Gujarat.
His hiring is significant because Rosneft is now looking to do more business with Indian companies, including the sale of LNG.
Beginning on September 1, 2016, Satish served as a member of the IOC board while also serving as chairman of IndianOil Adani Gas Pvt Ltd, a joint venture that IOC had established with the Adani Group for the purpose of selling CNG and piped cooking gas. Thanks to that venture, Adani Group is now the largest operator in the city gas market.
Rosneft reported that a new board of directors made up of 11 members was chosen by the company’s shareholders at the annual general meeting on June 30. The CEO and chairman of the management board of Rosneft remain Igor I. Sechin, a close ally of Russian President Vladimir Putin.
Additionally appointed were “Govind Kottis Satish, Managing Director, Value Prolific Consulting Services Pvt Ltd (ValPro),” according to the statement.
In 2022, Satish started working for ValPro as the company’s managing director. ValPro provides guidance on investment banking and mergers and acquisitions. Its top management includes former IOC executives, and its board of advisors includes M. A. Pathan, a former IOC chairman.
About 2 million barrels of crude oil per day, or 100 million tonnes annually, are sold to Indian companies by Russia.
In addition to looking to strike similar agreements with other state-owned refiners like Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), Rosneft has a long-term contract to supply 6 million tonnes of crude oil per year to Satish’s former company.
Rosneft also holds a majority stake in Nayara Energy, which owns more than 6,300 gas stations nationwide and runs a 20 million tonne per year refinery at Vadinar in Gujarat.
For USD 2.02 billion, IOC, Bharat PetroResources Ltd (a division of BPCL), and Oil India Ltd purchased a 23.9% stake in Rosneft’s Vankor oilfield in 2016. For USD 1.12 billion, the consortium also purchased a 29.9% stake in the distinct Taas-Yuryakh oilfield in East Siberia.
IOC is the only business with a long-term delivery agreement with Rosneft and India’s largest importer of Russian oil. Philippines and Qatar are represented on the Rosneft board.
Mohammed Bin Saleh Al-Sada, who currently serves as the chairman of the Dohal University of Science and Technology’s board of trustees, was announced as the new chairman of the board of directors for Rosneft Oil Company.
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