Russian director departs Origin Energy’s NT gas partner

A director with links to Russia’s Vladimir Putin has stepped down from Origin’s joint-venture gas partner Falcon amid pressure from an Australian shareholder group.

An image of Russian President Vladimir Putin on a placard saying, ‘We are with him for the sovereignty of Russia! And you?’, in front of the Russian State Duma building in central Moscow. Picture: AFP

A Russian oligarch with links to Vladimir Putin has stepped down the board from Falcon Oil & Gas, Origin Energy’s partner in the Northern Territory’s gas Beetaloo Basin, following pressure from an Australian shareholder group.

Falcon said Maxim Mayorets – a representative of Russian oligarch Viktor Vekelsberg which owns approximately 16 per cent of Falcon through his holding company Lamesa – had stepped down on Tuesday night with the decision effective immediately.

The move followed just a day after the Australian Centre for Corporate Responsibility called on Australian companies including Origin, a power generator and power and gas retailer, to immediately review their relationships with companies linked to the oligarchs aligned with the president following Russia’s invasion of Ukraine.

Origin Energy's Kyalla well gas site near Daly Waters in the Northern Territory's Beetaloo Basin.

Origin said it was “appalled by the Russian aggression and invasion of Ukraine” and was concerned about Lamesa’s investment in Falcon.

“Origin has no direct contact with Lamesa Holdings or any shareholders of Falcon, nor do these investors have any influence over activities in the Beetaloo Basin,” Origin said in a statement on Tuesday night.

“Nevertheless, given the Russian invasion, Origin is concerned about Lamesa Holding’s investment in Falcon. Origin has expressed its concerns directly to Falcon, and acknowledges the company’s responsiveness, noting the announcement that Russian businessman Maxim Mayorets has agreed to step down from the Falcon board effective immediately.”

Origin said it will continue to monitor the situation closely and adhere to rules set by the Australian Government, or other governments “with respect to sanctions that may be put in place.”

The ACCR said the move by Falcon was simply window-dressing and called for the venture to be suspended.

Mr “Vekelsberg stands to personally benefit from any successful exploration that Origin is conducting in the Beetaloo Basin – including from Australian government subsidies,” ACCR director of climate and environment, Dan Gocher, said.

“Origin has little choice but to suspend the joint venture until such time as Mr Vekelsberg’s interests in Falcon Oil & Gas are resolved.”

Energy giant BP quit its 20 per cent stake in Rosneft on Monday while Shell will also exit all of its Russian operations.

Origin owns 77.5 per cent of the Beetaloo venture with Falcon the balance.