Institutional Investor Relations

Rosneft shares are among the most attractive investment tools in the Russian stock market. 11.32% of its shares are free float, including 6.1% in the form of Global Depositary Receipts (GDR) traded on the London Stock Exchange (LSE). The Company enjoys a diversified investor base of over 500 institutional investors.

International institutional shareholders of the Company are based in major business and financial hubs, such as New York, Boston, Los Angeles, London, Frankfurt, Stockholm, Hong Kong, Singapore, and Tokyo. For ten years since its IPO, Rosneft shares have been steadily growing in value and outperforming their competitors and the MICEX index. Between 19 July 2006 and 31 December 2018, Rosneft share prices on the Moscow Exchange grew by 113% (more than twice). As at late 2018, the Company’s capitalization was RUB 4.584 trln.

In 2014–2018, Rosneft’s total shareholder return (TSR) was 146.9%, i.e. 27.1 percentage points higher than the average for its Russian peers. Relations with the Company’s investors, both existing and potential, are maintained by the Chairman of the Management Board of Rosneft, First Vice President, heads of business and the Investor Relations Department. In 2018, the Company completed an extensive IR program, including several strategic speeches made by the Chairman of the Management Board at major international investment forums, and over 200 one-on-one and group meetings between the Company’s management and top investment funds.

Feedback from investors is reported to Rosneft’s management on a regular basis.

21 investment banks currently provide analytical coverage of the Company. The Chairman of the Management Board of Rosneft and heads of relevant core functions maintain regular communications with the investor community. At such meetings, investors, analysts, and representatives of international rating agencies are updated on strategic trends in the Company’s development, its operations, and financial management directly by the Company’s management. Rosneft holds quarterly conference calls for investors involving heads of economics, finance, and operations and providing detailed coverage of the Company’s performance in the reporting period. Shareholder and investor materials, such as press releases, presentations, Rosneft’s Annual Report and Sustainability Report, and material facts on resolutions of the Company’s Board of Directors are posted on the Company’s officialwebsite.

As at February 2019, 16 major investment banks recommend to “buy” or “hold” Rosneft shares / GDRs.

2019 Priorities

  • Promote fast, high-quality, and skillful financial communications
  • Improve disclosure standards
  • Focus on investor and shareholder relations

2018 Investor Relations Highlights


  • Deutsche Bank CEEMEA Conference, London
  • HSBC Non-Deal Road Show, London, Singapore


  • Credit Suisse Energy Summit, Vail
  • J.P. Morgan Credit Emerging Markets Conference, Miami
  • Citi Non-Deal Road Show, San Francisco, Los Angeles


  • J.P. Morgan CEEMEA Conference, London
  • Credit Suisse Citi Non-Deal Road Show, Boston
  • An Investor conference call involving heads of finance, economics, and operations
  • Disclosure of the Company’s performance for 2017


  • Goldman Sachs Russia Corporate Days, Frankfurt
  • BAML Energy and Utilities Conference, London


  • Morgan Stanley CEEMEA Conference, London
  • Sberbank CIB Russia Conference Moscow
  • Trip to the Yurubcheno-Tokhomskoye field with investors and analysts, Krasnoyarsk
  • Disclosure of the Company’s performance for Q1 2018
  • An Investor conference call involving heads of finance, economics, and operations


  • UBS Annual LATEMEA Conference, London
  • BAML CalGEMs CEO/CFO Conference, Los Angeles


  • Disclosure of the Company’s performance for Q2 2018
  • An Investor conference call involving heads of finance, economics, and operations


  • HSBC GEMs Investor forum London


  • Goldman Sachs European Non-Deal Road Show
  • Renaissance Capital Middle East and Asia Non-Deal Road Show, Dubai, Abu Dhabi, Singapore


  • Goldman Sachs CEEMEA, London
  • Goldman Sachs Global Natural Resources conference, London
  • UBS Global Emerging Markets 1:1 Conference, New York
  • VTB Capital Investment Forum RUSSIA CALLING!, Moscow
  • HSBC North America Non-Deal Road Show, New York, Boston
  • Disclosure of the Company’s performance for Q3 2018
  • An Investor conference call involving heads of finance, economics, and operations


  • Wood & Company Winter Emerging Europe Conference, Prague

Index Rosneft Shares and Depositary receipts Index Weight as at the End of 2018, %
MSCI Russia 3.33
FTSE Russia IOB 4.48
MICEX 5.84

List of the Largest Institutional Investors in Stocks and Depositary Receipts in January 2019 Free floatWithout strategic investors, %
BlackRock Fund Advisors 3.83
The Vanguard Group, Inc. 3.60
SAFE Investment Co. Ltd. 3.14
JPMorgan Asset Management (UK) Ltd. 1.60
Macquarie Investment Management Business Trust 1.53
SSgA Funds Management, Inc. 1.52
Wellington Management Co. LLP 1.22
Abu Dhabi Investment Authority (Investment Management) 1.11
Pzena Investment Management LLC 1.02
Van Eck Associates Corp. 1.02

No. Bank Recommendation, early 2018 Recommendation, late 2018
1 Citi Buy Buy
2 Veles Capital No recommendation Buy
3 BCS Buy Buy
4 Merrill Lynch Buy Hold
5 ATON Buy Buy
6 UBS Buy Buy
7 Renaissance Capital Buy Buy
8 Goldman Sachs Buy Buy
9 HSBC Buy Buy
10 Deutsche Bank Buy Put on review
11 Wood&Company Hold Buy
12 Morgan Stanley Buy Buy
13 Credit Suisse Hold Buy
14 Raiffeisen Bank Buy Buy
15 SOVA Capital Buy Hold
16 J.P. Morgan Hold Hold
17 Gazprombank Put on review Put on review
18 Alfa Bank Put on review Put on review
19 Uralsib Hold Put on review
20 Sberbank Sell Hold
21 VTB Capital Put on review Put on review
Comparative Trading Dynamics of Rosneft’s Shares, the MICEX Index and Brent Quotes, the Base Value - 100
Trading Value and Volume of Rosneft’s Shares at LSE, MOEXShare value is given as at the end of the month.
Взаимодействие с институциональными инвесторами
Total Shareholder Return of Rosneft and Russian Peers in 2014–2018, %
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