Transneft under fire
The pipeline company's leaders are used to doing things their way, but a new shareholder, who has Kremlin-backing, sees things differently and wants changes
Transneft, Russia's pipeline infrastructure monopoly, is under pressure to open up its shareholder base and ditch its appalling reputation in the area of corporate governance. The long-overdue overhaul is being spearheaded by Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), the Kremlin-controlled sovereign wealth vehicle. Dmitriev was parachuted on to the Transneft board in July after the RDIF-related vehicles took a combined stake of almost 2% in Transneft, via a purchase of preferred shares. Of this stake, RDIF directly owns 0.43%, while the Russia-China Investment Fund, which is a co-funding vehicle for RDIF and China's state-owned China Investment Corpor
Also in this section
10 May 2024
The US’ contentious LNG permitting pause has prompted criticism from CEOs and wildly differing interpretations from politicians
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
8 May 2024
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain