Transneft

In 1878, the first 10 km-long oil pipeline appeared in Russia, through which 841,150 pounds of oil were pumped in December ^[4] . By the end of 1914, the total length of oil pipelines in Russia was 1,280 km. The first underground oil pipeline appeared in 1936 (route Ishimbay - Ufa). In 1964, the Druzhba oil pipeline was commissioned (8900 km of pipelines, of which 3900 km in Russia) ^[5] .

The company is the assignee of the Main Production Directorate for the Transportation and Supply of Oil (Glavtransneft) of the USSR Ministry of Oil Industry . In the form of an open joint stock company, Transneft was registered by the Moscow Registration Chamber on August 26, 1993 .

From July 21, 2016, Transneft OJSC was re-qualified as Public Joint-Stock Company (Transneft PJSC)

East Pipeline

On April 28, 2006, the first joints of the laid pipes of the Eastern Oil Pipeline (ESPO), one of the largest infrastructure projects in Russia, were welded in Taishet ^[6] . On December 28, 2009, the first phase of the project (“ESPO-1”) was launched - a pipeline from Taishet (Irkutsk Region) to Skovorodino (Amur Region) with a length of 2,694 km. The capacity of the first stage of ESPO is 30 million tons per year.

The year 2010 was marked by the start of construction of the second part of the Eastern Oil Pipeline - ESPO-2. Already in September 2011, the final joint of the linear part of the ESPO-2 system was welded in Primorsky Krai. The total length of the pipeline is 2046 km. Capacity - 50 million tons per year. At the end of Q3 2012, the construction of ESPO-2 was completed. ESPO-2 was commissioned in the 4th quarter of 2012. ^[7] .

Caspian Pipeline Consortium

Since June 2007, Transneft has a 24% federal-owned share of the Caspian Pipeline Consortium .

The length of the CPC pipeline system is 1510 km. The capacity of the existing CPC system is 28.2 million tons of oil per year. By 2015, it is planned to increase the capacity of the pipeline to 67 million tons of oil per year.

Polar pipeline system - Purpe

Project Objective - Ensuring that new fields in the Yamalo-Nenets Autonomous District and the North of the Krasnoyarsk Territory are received by the main oil pipelines: the Urengoy group of fields of PJSC Gazprom, Suzunsky, Tagulsky, Russky, Russko-Rechensky fields of PJSC NK Rosneft, Messoiakhsky and Rosneft fields East-Messoyakhskogo fields (PJSC "NK" Rosneft ", PJSC" Gazprom Neft ") Pyakyakhinskogo field (PJSC" LUKOIL ").

• 488 km - the length of the Zapolyarye-Purpe oil pipeline;
• up to 45 million tons of oil per year - possible throughput;
• 2 billion tons of oil - the resource potential of the fields connected to the pipeline.

The Zapolyarye-Purpe oil pipeline is a unique project that includes the latest construction methods and innovative Russian technologies:

• 170 km of pipeline laid beyond the Arctic Circle;
• 315 km of pipeline laid above ground on special supports;
• the pipeline is equipped with a modern leak detection system;
• for heating oil throughout the entire route, oil heating points were erected (due to the high viscosity of oil, it must be heated to 60 ^° C for transportation);
• the service life of pipes without replacement and reconstruction has been increased to 50 years (on average, 30).

In the course of work on the project, Transneft PJSC protected 22 patents for inventions and 15 patents for utility models.

The project was implemented in 2016. ^[eight]

Kuyumba Pipeline - Taishet

The purpose of the project is to ensure the admission to the system of trunk oil pipelines of Transneft PJSC of oil from the new fields of the Krasnoyarsk Territory - Kuyumbinsky (Rosneft Oil Company PJSC, Gazprom Neft PJSC) and Yurubcheno-Tokhomsky Oil Industry (Rosneft Oil Company).

The capacity of the main oil pipeline is up to 15 million tons per year, including:

• the first stage - 8.6 million tons per year - 2016;
• the second stage - 15 million tons - 2023.

The length of the Kuyumba - Taishet main oil pipeline is 697 km. The route passes through the territories of the Evenkiysky, Boguchansky and Nizhneingashsky districts of the Krasnoyarsk Territory and the Taishet District of the Irkutsk Region (505 km - Krasnoyarsk Territory, 192 km - Irkutsk Region).

Oil pumping stations - 2 pcs., GNPP number 1 Kuyumba and PS number 2 Yurubchen, the volume of the tank farm is 160 thousand m³.

External power supply - own HVL-110 kV with a length of 326 km, 3 distribution substations 110/10 kV with a total capacity of 25.6 MW.

The construction period: the first joint of the pipeline was welded on December 17, 2013, and the commissioning of the facilities is December 2016. ^[eight]

Mergers and Acquisitions

In January 2011, Transneft, together with the entrepreneur Ziyavudin Magomedov, acquired Kadina Ltd, which owned a controlling stake (50.1%) of the Novorossiysk Commercial Sea Port . The sellers of the transaction (the amount of the transaction, which amounted to $ 2.5 billion, according to the Vedomosti newspaper, was almost 80% higher than the market estimate at that time) were made by the families of the chairman of the board of directors of NCSP Alexander Ponomarenko and State Duma deputy Alexander Skorobogatko (they got $ 2 billion) and the structure of Arkady Rotenberg (received about $ 500 million) ^[9] .

On April 16, 2007, Russian President Vladimir Putin signed a decree on the incorporation of Transnefteprodukt into Transneft by contributing 100% of Transnefteprodukt’s shares to the Transneft share capital.

May 23, 2017, Gazprombank disclosed the ownership structure of Transneft preferred shares : ZAO Gazprombank Asset Management, trustee of Transneft and Gazprombank, received as a result of the transaction 53.57% of the prefs of the monopoly, Gazfond Pension Savings NPF - 14.85%, about 2% - RKIF and RDIF. In addition, Gazprombank became a financial consultant to a pipeline company.

The main activities of Transneft ^[10] :

• transportation of oil and oil products through the pipeline system on the territory of Russia and abroad;
• diagnostic, preventive and emergency repair work;
• Ensuring environmental protection in areas where the pipeline system passes.

Transneft and its subsidiaries have the world's largest oil pipeline system (including the Druzhba oil pipeline ), which is 47,455 km long, and also has a network of oil product pipelines that previously belonged to Transnefteproduct and is 19,476 km long (as of July 2008) ^[11] .

Tariffs for services for pumping, transshipment and loading of oil "Transneft" as a natural monopoly are regulated by the Federal Antimonopoly Service .

Main oil pipelines

• Baltic Pipeline System (operating capacity 74 million tons per year)
• Druzhba oil pipeline (operating capacity of 66.5 million tons per year)
• Participation in the Caspian Pipeline Consortium (28.2 million tons per year)
• Baku-Novorossiysk oil pipeline
• Historical Oil Pipeline Grozny - Tuapse
• Pipeline System Polar - Purpe
• Kuyumba - Taishet Pipeline System

Main product

• Oil product pipeline Northern (working capacity of 8.4 million tons per year)
• Yuzhniy oil pipeline

Current Projects

The most important current project of Transneft is the design and construction of the East Siberia-Pacific Ocean pipeline system (30 million tons per year) and East Siberia-Pacific Ocean-2 (50 million tons per year with the release of the first stage) ^[7] . Also among the largest ongoing projects:

• Baltic Pipeline System-II (35 million tons per year)
• The second stage of the North Scientific-Production Enterprise (capacity increase up to 17 million tons per year)
• Murmansk oil pipeline
• Arctic - Purpe - Samotlor ^[12]
• Tikhoretsk - Tuapse-2 (12 million tons per year) ^[13]
• Expansion of CPC (67 million tons per year) ^[14]

Other assets

Transneft together with the entrepreneur Ziyavudin Magomedov controls the Novorossiysk Commercial Sea Port (and this, in turn, owns the Primorsky Commercial Port ). In total, 75% of oil supplied by Russia through European ports passes through these two ports ^[9] .

In April 2016, Transneft acquired office space in its Evolution Tower in Moscow City for its headquarters. 79 thousand m² could cost the company 19.7-23.7 billion rubles (or $ 303–364 million). Moving to new areas is scheduled for December 2017 ^[15] .

Company structure

The company operates the following subsidiaries ^[16] :

Performance Indicators

Consolidated revenue of Transneft under IFRS for 2017 is 884.337 billion rubles (an increase of 4.09%) ^[1] . Operating expenses (excluding depreciation and amortization) amounted to 476.062 billion rubles (an increase of 8.2%), operating profit (excluding depreciation and amortization) - 408.275 billion rubles (an increase of 0.01%). The Company's profit before tax amounted to 242.167 billion rubles (19.7% lower than the results of 2016), net profit - 191.805 billion rubles (a decrease of 17.6%). EBITDA for 2017 amounted to 408.7 billion rubles. Cargo turnover of oil and oil products in 2017 amounted to 1,211.2 billion ton-kilometers and 49,073.7 million ton-kilometers, respectively ^[2] .

Net profit in 2016 amounted to 232.9 billion rubles, while the volume of oil delivery to consignees was 483.4 million tons, which is higher by 2.0 million tons or 0.4% of the comparable figure of 2015. In 2016, oil freight turnover grew by 34.1 billion ton-kilometers or 2.9% and amounted to 1,219.1 billion ton-kilometers. The volume of delivery of petroleum products to consignees in 2016 - 33.1 million tons. ^[17]

Transneft is dependent on oil transportation tariffs set by the Federal Anti-Monopoly Service . From January 1, 2016, they grew on average by 5.76% instead of 10.7% requested by the company. However, even with these tariffs, Transneft is in a good financial position. Net debt at the end of the first quarter of 2016 amounted to about 400 billion rubles, which is slightly higher than expected EBITDA by the end of 2016 (the Bloomberg consensus forecast is 370 billion rubles) ^[18] . According to the 2014 IFRS report, Transneft had about 595 billion rubles (about $ 10.6 billion at the exchange rate at the end of 2014) of financial assets and cash ^[19] .

Transneft plans to spend 2.2 trillion rubles on its investment program, calculated to 2020-2021. About 120–150 billion are planned to be attracted through the issuance of bonds , loans and the issue of preferred shares ^[18] .

The rating agency RAEX (Expert RA) in 2017 ^[20] assigned PJSC Transneft's credit rating at ruAAA (corresponding to A ++ rating on the previously used scale). The rating outlook is stable. In connection with the assignment of the rating, the agency notes that Transneft PJSC continues to demonstrate a high level of profitability achieved, including thanks to the cost optimization program. Predictable liquidity of the company is estimated as strong, the current level of debt burden is low.

PJSC Transneft took the 14th place in the global rating of the 250 largest oil and gas ^[21] and energy corporations of the world, conducted by the American agency S & P Global Platts (The S & P Global Platts Top 250 Global Energy Company Rankings) and 1 place in the world among the profile companies ( storage and transportation of oil and gas).

94% of the equipment used in the Transneft system is produced at Russian enterprises. Many positions are made independently, at Transneft's own factories. ^{[22] [23]}

November 9, 2017, Russian President Vladimir Putin visited the Transneft plant, the Russian Electric Motors plant in Chelyabinsk, where he met with President of Kazakhstan Nursultan Nazarbayev. PJSC Transneft and Kazakhstan's KazTransOil JSC signed a memorandum of cooperation in the presence of the Presidents of both countries, Vladimir Putin and Nursultan Nazarbayev. The document was signed by the Chairman of the Board - President of PJSC Transneft Nikolay Tokarev and General Director of KazTransOil JSC Dimash Dosanov. ^[24]

In April 2018, Transneft PJSC put into operation main oil product pipelines (MNPP) of the South project of the Volgograd Refinery - Tinguta - Tikhoretsk - Novorossiysk. The implementation of the “South” project allowed creating infrastructure for pipeline transportation of diesel fuel in the direction of the Russian port of Novorossiysk and export from the Black Sea coast of Russia to European countries in the amount of up to 6 million tons per year.

On June 8, 2018, the volume of Russian oil shipped for export in the port of Kozmino reached 200 million tons since the launch of the Eastern Siberia-Pacific Ocean pipeline system in December 2009.

On October 24, 2018, a solemn opening ceremony of the plant of the joint-stock company RUSSIAN ELECTRIC MOTORS (RED JSC), established as part of the work on import substitution in the Russian Federation for organizing the production of high-voltage electric motors in the Russian Federation, took place in Chelyabinsk. President of the Russian Federation V.V. Putin remotely via videoconferencing from his residence, together with the Chairman of the Council of Ministers of the Italian Republic, J. Conte, who arrived in Moscow, gave permission for the plant to be put into operation. At the command of the Kremlin, President of PJSC Transneft N.P. Tokarev, Operations Director, Nidec ASI SpA, S. Dzekkinato, and General Director, Konar JSC, V.V. Bondarenko pressed the symbolic button, after which the first electric motor of the plant was started and brought to the nominal mode of operation. ^[25]

The international consulting company KPMG commissioned by PJSC Transneft prepared a brief overview of the key performance indicators of PJSC Transneft and comparable foreign companies for 2016-2017. The study confirmed the absence of Transneft PJSC analogues among foreign pipeline companies comparable to the company in terms of the scale of pipeline activities in terms of key production indicators (cargo turnover, transportation volume, transportation leg, pipeline length, transportation revenue). In 2017, the average weighted tariff of Transneft for the transportation of oil ($ 0.89 per 100 tkm) was more than 2 times lower than the median sampling value. According to KPMG, the specified tariff value is one of the lowest among the companies involved in pipeline transportation of oil. ^[26]

100% of ordinary shares (78.11% of the capital) of Transneft are owned by the state (under the management of the Federal Property Management Agency . Preferred shares are in free circulation (21.89% of the authorized capital). 27.57% of Transneft preferred shares "Is in the trust management of ZPIF Gazprombank - Financial, whose main shareholder with 57.4% is Transneft-Invest ^[28] .

President of the company since 2007 - Nikolay Tokarev (the contract is valid until 2020) ^[29] . From August 31, 2015, the Chairman of the Board of Directors is Alexander Novak, the Minister of Energy of Russia ^[30] .

Over the years, Interros holding was among the major minority shareholders of Transneft, which sold about 20% of prefs in 2003, as well as Prosperity Capital Management, East Capital International and Vostok Nafta Investment, which collected a total of about 17% by 2010 preferred stock. In December 2014, the head of the company, Nikolay Tokarev, said that the company had only one major minority stake ^[27] .

Presumably, from November 2011, United Capital Partners Fund bought preferred shares in the interests of the state-owned company, which wanted to collect all the “preferred shares” in free circulation. According to Transneft, as of January 2016, UCP owned about 71% of the total number of preferred shares, or 15.5% of its share capital of the company ^[27] . According to RBC , in December 2015, Transneft and UCP were discussing a deal to repurchase the collected stake, but at the last moment the head of Transneft refused: at that time, 1.1 million Transneft preferred shares on the Moscow Stock Exchange were worth about 194, 3 billion rubles (∼ $ 2.8 billion), the fund has requested $ 2.9 billion for its package ^[31] .

Transneft plans to conduct an additional issue of preferred shares and thus attract 30-50 billion rubles to the company. The UCP Foundation stated that it is possible to vote against the issue if its conditions infringe upon the interests of existing minority shareholders ^[18] .

From January 1, 2012, Transneft introduced a new corporate identity. Red was added to the familiar blue-white color of the company. The form of the image and writing were also modified. The changes also affected the organization’s slogan, which now sounds as follows: "We set the oil in motion so that it sets everything else in motion." The final transition of Transneft to new corporate symbols was completed at the end of 2012 ^[32] .

Oil spill near Novosibirsk

In the Moshkovsky District of the Novosibirsk Region on December 26, 2008, an oil leak occurred ^[33] . The leak was eliminated, but in 2010, new messages about oil outlets began to appear, in particular, a video message from residents of the village of Moshkovo ^[34] . According to the representative of the company Nadezhda Vavilina, as of October 2010 there was no “ environmental catastrophe “ described by some publications ” ^[33] .

According to the act of investigating the causes of the oil spill, the total amount of oil leaked was 7 m³, of which 1 m³ hit the Balta River, the rest were collected and pumped back into the pipeline. The damage caused by ecology amounted to 4,269 million rubles. The resolution of the Department of Natural Resources of the Novosibirsk Region states that the water in the Balta River in the leakage area is fully suitable for agricultural and fisheries work. The land plot in the area of ​​744 kilometers of the Omsk-Irkutsk oil pipeline is also fully suitable for gardening ^[35] .

Oil spill near Lensk

On January 20, 2010 , 30 km from the city of Lensk, due to the breakthrough of the ESPO pipeline, during the scheduled repair, 450 m³ of oil leaked, which spilled onto the ground ^[36] . The area of ​​pollution was 20 thousand m² ^[36] . An emergency situation was introduced on the territory of the Lensky District ^[36] . It was later reported that the oil spill was detected on January 20 while patrolling the pipeline ^[37] .

196 people and 40 pieces of equipment took part in the elimination of the accident, by the morning of January 21 the work was completed ^[38] . By January 25, about 150 m³ of oil products were collected, more than two thousand square meters of polluted area were cleaned ^[37] .

It is reported that journalists were not allowed to the scene of the accident, and the oil spill was called an oil spill ^[39] . However, this information originally related to the so-called. "Olekminsky spill" ^[40] . Information about him was actively discussed at the meeting of the Yakut parliament, but overflights of the Ministry of Emergency Situations and bypass routes did not reveal leaks.

Within the framework of the VII St. Petersburg International Gas Forum (Russian Energy Week), the final and rewarding of the winners of the competition for the best socially oriented company in the oil and gas industry in 2017 took place. By the decision of the competition commission, which included representatives of the Ministry of Energy of Russia, the Council of Veterans and the Youth Council of the Oil and Gas Industry under the Ministry of Energy of the Russian Federation, Transneft PJSC was awarded the diploma “The Best Socially Oriented Oil and Gas Company” with the award of a special sign. Separately, the competition commission noted the achievements of Transneft in the development of the labor and personal potential of employees and their motivation. PJSC Transneft was awarded a diploma "For a systematic approach to the selection, training and development of workers and engineering and technical personnel" and a diploma "For effective work in the field of motivation and increasing employee loyalty." ^[41]

The activities of Transneft in the field of energy efficiency are regularly received high marks from the Ministry of Energy of the Russian Federation and the professional community. At the fourth All-Russian competition of implemented projects in the field of energy saving and energy efficiency ENES-2017, the results of which were summed up at the forum, the company was awarded the first place in the nomination "The best implemented comprehensive program in the energy sector to promote energy saving and energy efficiency", as well as a diploma for effective management system and best industry practice in the field of energy saving and energy efficiency at the fuel and energy complex. ^[42]

Informational transparency

PJSC Transneft regularly occupies the highest places in the information transparency rating ^{[43] of} Russian companies in the fuel and energy complex ^[44] .

Construction of the East Pipeline

In February 2008, the Audit Chamber of the Russian Federation began checking the expenditure of funds for the construction of ESPO ^[6] . In the same month, the former president of Transneft, Semen Weinstock, said that the ESPO inspection was also carried out by a commission created by the new leadership of Transneft ^[6] . Weinstock said: “There was a specific task - to bring everyone to clean water. So if there is a desire to find - they will find ” ^[6] . On February 2, 2009, the Audit Chamber announced the completion of the ESPO audit ^{[6] [45]} . The report of the Accounts Chamber stated that 78.5 billion rubles out of almost 250 billion rubles spent on ESPO before the end of the first half of 2008 was distributed “without holding tenders”, which indicates that Transneft’s regulatory documents contain “expansive the interpretation of cases of attracting contractors without tenders " ^{[6] [45] [46]} . On March 24, 2010, the head of the Accounts Chamber of the Russian Federation, Sergei Stepashin, during his speech in the State Duma reported that the audit conducted by the Accounts Chamber revealed the amount of damage during the construction of ESPO of 3.5 billion rubles and that a criminal case was initiated against Transneft’s management on this fact ^{[47 ] [48] [49]} .

On November 16, 2010, Alexei Navalny published documents, according to Navalny, containing information about major embezzlements during the implementation of the ESPO project ^[50] . Navalny said that the total amount of theft for all the documents that he has is more than 120 billion rubles. ^[51] According to Navalny, these documents are the result of an internal audit of the construction of the ESPO by Transneft experts ^[51] . Following Navalny’s statement, a number of publications followed in the media ^{[52] [53] [54] [55] [56] [57]} .

Initially, Transneft’s management refused to comment on these documents in any way, explaining that Navalny’s blog is not a mass medium ^[58] . However, later the head of Transneft, Nikolai Tokarev, in an interview with the Russia-24 TV channel, rejected Navalny’s accusations, accusing him of calculating the amount of damage by extrapolation. At the same time, Tokarev refused to publish the report of the Accounts Chamber, citing the fact that it “contains a lot of confidential information about the ESPO project” ^[59] .

The head of the Audit Chamber, Sergei Stepashin, said that a previously conducted audit of the Audit Chamber did not reveal $ 4 billion of embezzlements ^[46] . Navalny, in turn, accused Stepashin of harboring crimes, stating that none of the refutes of the theft did not indicate the falsification of the documents submitted ^[60] . The auditor of the Audit Chamber Mikhail Beskhmelnitsyn said that the scandal could be raised by order of ^[61] participants in the redistribution of the market in Southeast Asia. He noted that in March 2010, Stepashin voiced in the report on the work of the Accounts Chamber for the year the amount of damage amounted to 3.5 billion rubles ^[49] . Navalny claimed that no criminal proceedings were initiated on this fact ^[62] . This statement of Navalny contradicts Stepashin’s statement of March 24, 2010, that a criminal case was initiated ^[49] .

On December 29, 2010, Prime Minister Vladimir Putin announced that the prosecutor’s office would be in charge of checking the case ^[63] . Later, on September 28, 2011, at a meeting with the writers, the chairman of the Russian government answered the question of embezzlement: “I assure you, if there was something criminal, you would be in prison” ^{[64] [65] [66]} .

Charitable activities

Every year, surplus is formed due to inaccurate operation of oil metering devices in the Transneft pipeline system. These surpluses are sold by Transneft itself, and the proceeds, according to the company itself, are sent to charity . In total in 2007 the transport monopoly sent 7.2 billion rubles to charity. (in 2006 - 5.3 billion rubles), of which 644 million rubles. received a fund "Assistance", and 422 million rubles. - interregional public fund of assistance to the federal bodies of state protection "Kremlin-9" (created in 2001 to "support employees and veterans of the FSO") ^[67] . In 2009, 3.2 billion rubles were allocated for these purposes. ^[68] , in 2010 - not less than 3.98 billion rubles. ^[69]

Transneft has been repeatedly criticized (including by a public figure, Alexei Navalny , a minority shareholder of the company), for the lack of transparency of the “charitable” spending. After 2007, the company controlling the state oil pipeline system did not disclose the list of recipients of these funds ^{[68] [70]} .

In 2011, Transneft for the first time officially published information about its charitable spending, after which it turned out that from January 1 to July 15, 2011, the company spent 3.21 billion rubles for this purpose, of which 52 million rubles. went to the aid of children's institutions, and 2.55 billion rubles. (almost 80% of expenses) were transferred to the Konstantinovsky International Charitable Foundation (its council is headed by Vladimir Kozhin , for 2011 he was the head of the Presidential Administration of the Russian Federation ) ^[71] .

Shareholder Conflict

In February 2016, the largest owner of Transneft’s preferred shares, United Capital Partners, filed a lawsuit with the Moscow Arbitration Court. The subject of the claim was the requirement for a surcharge on dividends. According to UCP, the company has infringed upon the rights of holders of preferred shares and, in violation of applicable law, established a dividend per preferred share for 2013 less than a dividend per ordinary share . On November 18, 2016, the court rejected the claim of UCP to Transneft for the recovery of additional dividends for 2013 ^[72] .

In an interview with RBC, Ilya Scherbovich also noted Transneft’s understating of profits at the parent company, when 90% of all profits remained at the subsidiaries of the pipeline company ^{[73] [74]} . A representative of Transneft in the same material of RBC responded to Shcherbovich’s statement: “Financing of all construction projects is carried out through subsidiaries, therefore, naturally, the profit remains there.”

Conflict with Sberbank

On June 23, 2017, the Moscow Arbitration Court considered Sberbank’s actions in concluding a currency settlement option transaction with Transneft in 2013 unfair: the bank acted solely in its own interests and did not inform the company properly about all the risks associated with the transaction, taking advantage of Transneft’s inability to assess them independently. The court decided to invalidate the transaction with barrier options, as a result of which Transneft had to pay 67 billion rubles to Sberbank due to the weakening of the ruble in 2015. The court considered this amount "super-profit" of the bank, rejecting its argument about incurring comparable transaction costs. The bank filed an appeal. The Ninth Arbitration Court of Appeal overturned the decision to invalidate the transaction ^[75] . This decision, in turn, was challenged by Transneft. December 28, 2017 the parties announced the conclusion of a settlement agreement. ^[76]

• The official website of the company