Governance Structure


Severnaya Oil Storage Company governance is accomplished through the engagement of our management with shareholders and the Russian Party. The latter is represented by the Russian Federation Government and the Astrakhan regional Government, who signed the Severnaya Oil Storage Company PSA on behalf of the Russian Federation. Severnaya Oil Storage Company shareholders include:

  1. Gazprom
  2. Transneft
  3. LukOil
  4. TatNeft

According to the Production Sharing Agreement, the Supervisory Board provides strategic steering for the Company. Its responsibilities include:

  1. Ensuring compliance with the PSA;
  2. Review and approval of the Development Plans and Development Budgets, as well as LNG sales agreements;
  3. Review and approval of procurement procedures, employment and training plans for Russian nationals, etc.;
  4. Review of the Company’s annual reports and the appointment of auditors.

The Board of Directors is appointed by Company shareholders and is responsible for the overall governance of the Severnaya Oil Storage Company and for making key decisions regarding its economic, environmental and social activities, as well as for developing the Company’s business strategies. ​The Committee of Executive Directors is responsible for the day-to-day management of the Company, defining, directing, and controlling its everyday activities. The Committee of Executive Directors of Severnaya Oil Storage Company is chaired by the Company CEO, Alexander Sergeivich baykov.​