Rosneft’s Profit Struck by The Asset Transfer

The company also stated it increased oil deals to Asia amid a growing split with Europe over what Moscow names a “special military operation” in Ukraine.

Rosneft stated that the nine-month net income was 591 billion roubles ($9.4 billion) without a comparison. This was falling 15% from a record-high 696 billion roubles registered for the same period in 2021.

In September, Germany set a unit of Rosneft under the trusteeship of the industry regulator. It took over the business Schwedt refinery. The refinery provides 90% of Berlin’s fuel amid a wider confrontation with Russia over Ukraine.

Rosneft stated on Wednesday the most important negative effect on income arrived from the transfer of the company’s assets in Germany to external management of the Federal Network Agency, which ended in recognition of a further decline of 56 billion roubles.

The transfer of assets also ended in a 76 billion rouble decrease in cash.

Asia Growth

Russian oil exporters were required to diver their sales from their standard markets in Europe. It is attempting to disable Moscow’s military efforts in Ukraine by facilitating purchases of oil and gas from Russia.

Rosneft’s Chief Executive Officer Igor Sechin expressed that the company successfully optimized allocation channels. Oil supplies to Asia increased by about a third and fully reimbursed for the supply decline to European buyers.

The company is encountering more headwinds from the price caps on Russian oil set by the West.

Rosneft also stated its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 21.8% in January – September to a record high of 2.01 trillion roubles.

The company also expressed that its nine-month 2022 hydrocarbon production acquired 4.97 million barrels of oil per day, up by 2.2% year-on-year.