© Reuters. FILE PHOTO: A view reveals a flare stack at Rosneft’s oil stabilisation facility exterior the city of Neftegorsk within the Samara Area, Russia September 6, 2022. REUTERS/Alexander Manzyuk/File Picture
By Vladimir Soldatkin
MOSCOW (Reuters) -Russian largest oil producer Rosneft stated on Wednesday its nine-month revenue was hit by the switch of belongings in Germany which took management of a significant Russia-owned oil refinery.
The corporate additionally stated it boosted oil gross sales to Asia amid rising rift with Europe over what Moscow calls a “particular navy operation” in Ukraine.
Rosneft stated nine-month internet earnings was 591 billion roubles ($9.4 billion), with out offering comparability. This was down 15% from a record-high 696 billion roubles reported for a similar interval in 2021.
In September, Germany put a unit of Rosneft below the trusteeship of the trade regulator, taking up the enterprise’ Schwedt refinery, which provides 90% of Berlin’s gasoline, amid a wider battle with Russia over Ukraine.
Rosneft stated on Wednesday, probably the most vital adverse affect on earnings got here from the switch of the corporate’s belongings in Germany to exterior administration of the Federal Community Company, which resulted within the recognition of a further lack of 56 billion roubles.
The switch of belongings additionally resulted in a 76 billion roubles discount in money.
ASIA GROWTH
Russian oil exporters needed to diver their gross sales from their conventional markets in Europe, which is attempting to cripple Moscow’s navy efforts in Ukraine by decreasing purchases of oil and fuel from Russia.
Rosneft’s Chief Government Officer Igor Sechin stated in a press release that the corporate efficiently optimized distribution channels: oil provides to Asia grew by a few third and totally compensated for the decline in provides to European consumers.
The corporate is dealing with extra headwinds from the value caps on Russian oil imposed by the West.
Rosneft additionally stated its earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose by 21.8% in January – September to a report excessive 2.01 trillion roubles.
The corporate additionally stated its nine-month 2022 hydrocarbon manufacturing reached 4.97 million barrels of oil equal per day, up by 2.2% year-on-year.
($1 = 63.0000 roubles)
