How is Russia’s oil industry doing under the weight of international sanctions?
Not bad at all, not at least according to the earnings of the biggest Kremlin-controlled oil major Rosneft
Tweet on Rosneft’s earning H.Y reports
Russia's Rosneft reports 13% rise in half-year profit!
Rosneft Oil said profits rose in the first half of the year, as rising crude prices helped Russia's state-backed energy giant & biggest taxpayer to shrug off restrictions on exports via @YahooFinance https://t.co/fyq8NaXfMy
— The_Journalbiz (@the_journalbiz) September 15, 2022
Rosneft Oil said profits rose in the first half of the year over 13% Year over Year,
As the rising crude prices helped Russia’s state-backed energy giant and biggest taxpayer to shrug off mounting restrictions on exports.
The company said net income rose 13% from a year earlier to 432 billion rubles, or around $7.2 billion. Fossil-fuel production rose 1.5% to the equivalent of 4.85 million barrels of oil a day.
“Rosneft was under an unprecedented pressure of adverse external factors and unlawful sanctions,” Chief Executive Igor Sechin, an longtime ally of President Vladimir Putin, said in a statement.
The rise in profits and output marks a remarkable recovery. Russia’s oil industry plunged into crisis in the early weeks of the war. But new buyers stepped in and a rise in global oil prices enabled Rosneft to rake in cash, even though its crude traded at a discount.