Rosneft increased supplies to Asia by a third

Rosneft’s net profit under IFRS for the nine months of 2022 decreased by 15%, to RUB 591 billion. At the same time, revenue increased by 15.7% to RUB 7.2 trillion, while EBITDA increased by 21.8% year-on-year, reaching a nine-month high of RUB 2.014 trillion, the company said. In the third quarter, the share of the Asian direction in the structure of oil sales in non-CIS countries reached a record 77%.

AT press release Rosneft says that oil supplies to Asia increased by almost a third and “completely compensated for the decline in supplies to European buyers.” At the same time, the company complained that its profit was negatively affected by the transfer of Rosneft’s assets in Germany to external management. “As a result, an additional loss in the amount of 56 billion rubles was recognized. The transfer of assets also led to a reduction in the amount of cash in the amount of 76 billion rubles,” Rosneft said.

From January to September, the company increased sales of petroleum products in Russia by 6.5% year-on-year to 31.1 mmt. Oil sales in the nine months rose by 3.3% yoy to 86, 9 mmt, non-CIS countries sold 4.8% more than a year earlier — 77.3 mmt Rosneft hydrocarbon production increased by 2.2% to 4.97 mmboe . per day.

In November, the head of Rosneft Igor Sechin spokethat the company provides 7% of China’s oil needs. He also said that in ten months Russia provided almost a quarter of China’s coal imports, supplying 53 million tons. Russia located in second place in terms of oil supplies to China. However, in November, according to Bloomberg, China partially reduced purchases of Russian oil in anticipation of possible discounts due to the price ceiling. Western countries introduced it on December 5, the maximum price is set at $60 per barrel. Russian authorities cook response measures.

About restrictions – in the publication “Kommersant” “Oil jumped to the ceiling”.

Laura Keffer