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☆ A key Russian CEO just highlighted the clash between stabilizing the economy and growing business in wartime
▼ + stars: | 2024-06-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is facing challenges despite resilience and high liquidity, says Rosneft's CEO. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But doing business is hard, according to the boss of a Russian oil giant. This story is available exclusively to Business Insider subscribers.

Persons: —, Igor Sechin, Rosneft Organizations: Russia's, Service, St ., Economic, Business Locations: Ukraine, Russian, St, St . Petersburg

☆ Oil dips on profit taking after price crosses $85
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. Also supporting oil prices, Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months. Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

Organizations: Brent, . West Texas, International Energy Agency, Rosneft's, Energy Information Administration, Federal Reserve Locations: Ukraine, United States

☆ Oil prices underpinned by U.S. inventory data, attacks on Russian refineries
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

This picture taken on Jan.12, 2024 shows onshore oil pumps in Tutong district in Brunei. Oil extended gains in Asian trade on Thursday after a surprise drop in U.S. crude stockpiles indicated strengthening demand, while possible supply disruptions following Ukrainian attacks on Russian refineries also underpinned prices. After seriously damaging Lukoil's refinery in Nizhny Novgorod on Tuesday, Ukraine hit refineries in the Rostov and Ryazan regions, Russian officials said. Two sources familiar with the situation told Reuters that the refinery had been forced to shut down two primary oil refining units. Gasoline inventories slid for a sixth straight week, falling by 5.7 million barrels to 234.1 million barrels, the EIA said, triple the expectations for a 1.9 million-barrel draw.

Persons: Vladimir Putin Organizations: Oil, U.S, West Texas, Rosneft's, Reuters, Energy Information Administration, EIA Locations: Tutong district, Brunei, Brent, Ukrainian, Nizhny Novgorod, Ukraine, Rostov, Ryazan, Rosneft's, Russian, Russia, U.S, Gulf

The quarterly production dropped 2.2% to 3.9 million barrels per day, Rosneft said, adding that its first-half sales reached 3.9 trillion roubles ($41 billion), down by more than a quarter from the previous year due to weaker oil prices. Still, revenue in the reported quarter increased 12.1% to 2 trillion roubles. Profits for global oil majors this year have dropped by about half from a bumper 2022, when Russia's actions in Ukraine sent oil and gas prices soaring. Russia divested its oil sales away from Europe to Asia and other global regions after the West imposed sanctions, including an embargo on Russia sea-borne oil purchases, over Moscow's actions in Ukraine. Rosneft's earnings before interest, taxes, depreciation and amortization (EBITDA) in the January-June period declined 5.1% to 1.4 trillion roubles.

Persons: Sechin, Rosneft, Igor Sechin, Vladimir Putin, Vladimir Soldatkin, Jacqueline Wong, Sherry Jacob, Phillips Organizations: OPEC, Gazprom, of, Petroleum, Kremlin, Thomson Locations: Russia, Ukraine, Europe, Asia, India, China

Roszarubezhneft's five joint ventures now must rely on PDVSA-designated intermediaries that take a large share of the revenues for their services, the people said. The joint ventures are owed about $3.2 billion from sales handled by PDVSA, one of the people said. Roszarubezhneft, Russia's oil ministry, PDVSA and Venezuela's oil and foreign affairs ministries did not reply to requests for comment. It also could help PDVSA make progress toward its goal of raising Venezuela's oil output by 40% this year. Oil production at the five joint ventures has dwindled as U.S. sanctions have hampered investment and maintenance work, and deterred many buyers of Venezuelan crude.

Persons: PDVSA's Jose Antonio, Carlos Garcia Rawlins, PDVSA, Rosneft, Nicolas Maduro's, Roszarubezhneft, Alexandra Ulmer, Marianna Parraga, Vivian Sequera, Daniel Flynn Organizations: REUTERS, Chevron, PDVSA, Reuters, Washington, U.S . Treasury, National Security, State Department, Nicolas Maduro's United Socialist Party, Assembly, Thomson Locations: PDVSA's, Anzoategui, Caracas, Moscow, Venezuela, U.S, Russia, Ukraine, Roszarubezhneft, Venezuela's, Rosneft

OPEC+ accounts for around 40% of global oil production, while Rosneft takes the same share of Russia's oil output. In remarks published later on Rosneft's website from Sechin's speech, he said Saudi Arabia is voluntarily cutting oil production, while also increasing production capacity. He said Saudi Arabia may increase the amount of drilling rigs by at least a quarter in the next two years. Speaking at the forum, Sechin also said it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production. "In coming years, humanity will face the problem of production capacities and OPEC countries will no longer be able to meet the growing demand," he said.

Persons: Igor Sechin, Vladimir Putin, Sechin, Rosneft, Olesta Astakhova, Vladimir Soldatkin, Louise Heavens, David Holmes Organizations: Russia, Organization of, Petroleum, Thomson Locations: MOSCOW, United States, OPEC, Russia, Saudi Arabia, Saudi

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

Schwedt has traditionally supplied 90% of the gasoline, diesel, jet fuel and fuel oil used in Germany's capital city. Moscow last month retaliated against their bilateral efforts by halting oil flows to Poland via the Druzhba pipeline, thereby squeezing Poland’s ability to free up oil for Schwedt. Polish state-controlled refiner PKN Orlen now needs to use more capacity at the Gdansk oil terminal to feed its own Plock refinery. ROSNEFT STAKEGermany and Poland started discussions about shipping non-Russian oil to Schwedt via the port of Gdansk, Polish pipelines and Druzhba in early spring 2022. KEBCOIn a move that further complicated talks with Poland, Germany late last year approached Kazakhstan about supplies for Schwedt, sparking new concerns in Warsaw.

☆ Cuba's president meets CEO of Russia's Rosneft amid fuel shortage
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

HAVANA, March 5 (Reuters) - Russian oil firm Rosneft's CEO Igor Sechin met with Cuba's President Miguel Diaz-Canel late on Saturday, the island's leader said, amid an acute fuel shortage that has service stations temporarily shuttered and hours-long gasoline queues. Several tweets on Cuba's Presidency account emphasized the good relations between the two countries, but did not specify the reason for the visit by the state-run oil firm's boss. Cuba's former leader Raul Castro has also flown to Caracas for the occasion, Cuban state-run media said. Russia, hit by Western sanctions over the conflict in Ukraine, is looking to strengthen political and economic ties with other countries opposed to what it calls U.S. hegemony. Cuba has been under a U.S. economic embargo since 1962 after a Communist revolution led by former leader Fidel Castro.

☆ Exclusive: Kazakhstan will supply 100,000 tonnes of oil via Druzhba to Germany in March - sources
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Feb 17 (Reuters) - Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. Kazakhstan's Kazmunaigaz (KMG) oil company will supply the volume via the pipeline system of Russia's Transneft to the refinery, the sources said. The oil will be supplied to Rosneft Deutschland, which Germany had put under a trusteeship of the German industry regulator, the sources said. Germany stopped Russian oil imports via Druzhba from January and has been working hard to try to secure supply for Schwedt from alternative routes. Eni, which owns 8.33% in PCK Schwedt, didn't immediately answer a Reuters request for comment.

☆ What Wall Street is expecting from Shell, TotalEnergies and BP earnings
▼ + stars: | 2023-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

On Thursday, Europe's largest energy company Shell is due to report earnings. Britain's BP and France's TotalEnergies are also due to report the following week. It comes after Exxon , the biggest oil & gas company in North America, posted earnings and revenue that beat analyst expectations Tuesday. Here's what analysts are expecting from Shell, TotalEnergies and BP: Shell, Feb. 2 JP Morgan — Overweight, price target £29.50 ($36.29) (25% upside) Analysts led by Christyan F Malek said improved trading at Shell's integrated gas unit was a "key" data point for investors in the fourth quarter. Morningstar – price target £5.5 (13.6% upside) Analyst Allen Good said BP had weathered a big hit to earnings due to the write-off of its Russian investments in state-owned Rosfnet.

The sale of the plant to a consortium, led by Cypriot private equity firm G.O.I. The sale process is in contrast to Germany's confiscation of Rosneft's Schwedt refinery and Gazprom Germania, or Russia's takeover of Sakhalin 1 from Exxon Mobil (XOM.N). Energy is run by Michael Bobrov, who is also CEO of Israeli firm Green Oil that holds a major stake in Israel's biggest refiner Bazan Group. The deal marks an expansion into the refining sector for Trafigura that concluded a similar deal with Prax in 2021 for a refinery in Britain. Trafigura also holds a 3% stake in Italian refiner Saras, an indirect stake in India's major Nayara refinery and runs two small refineries via its subsidiary Puma Energy.

☆ Russia's Rosneft says net income hit by assets transfer in Germany
▼ + stars: | 2022-12-07 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +2 min

The company also said it boosted oil sales to Asia amid growing rift with Europe over what Moscow calls a "special military operation" in Ukraine. Rosneft said nine-month net income was 591 billion roubles ($9.4 billion), without providing comparison. This was down 15% from a record-high 696 billion roubles reported for the same period in 2021. The transfer of assets also resulted in a 76 billion roubles reduction in cash. The company is facing more headwinds from the price caps on Russian oil imposed by the West.

☆ Russia's Rosneft to pay $3.6 bln in first nine-month dividend
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Reuters calculations found the payout would be 216 billion roubles. In reply to a Reuters request, Rosneft said the board had recommended paying the nine-month dividend as 50% of net profits earned in the first six months, declining further comments. In January-October, the budget showed a surplus of 128.4 billion roubles, reflecting a one-off mineral extraction tax (MET) on Gazprom. To meet the 1.25 trillion roubles in MET hike, Gazprom cancelled dividends for first time since 1998. Next year, the finance ministry forecasts the deficit will double to 3 trillion roubles, or 2% of GDP, and analysts say the gap could be up to 4.5 trillion roubles.

☆ Rosneft says BP should return to Russia, promises dividend
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Rosneft's Chief Executive Officer Igor Sechin said last week that BP is entitled to $700 million in second-half 2021 dividends, which Rosneft transferred into special "C" accounts in Russia, while BP remained Rosneft's "shadow" shareholder. Many Western companies, including oil majors, have left Russia since Moscow sent its armed forces into Ukraine on Feb. 24. "We can only heartily advise our colleagues from BP to remove the issue of exiting assets in Russia from the agenda and return to their native bosom," Rosneft said. Rosneft also said that nothing stops BP from using dividends on investments in developments of joint projects in Russia. (This story has been officially corrected after Rosneft corrected expected amount of interim dividend for BP for nine-month 2022 to $700 million from $600 million in paragraph 6.)

☆ Rosneft's Sechin says EU proposals to cap Russian gas prices 'unthinkable'
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

BAKU, Oct 27 (Reuters) - Igor Sechin, the head of Russia's largest oil producer Rosneft (ROSN.MM), said on Thursday that proposals by the European Commission to introduce cap prices for Russian gas were "unthinkable". Speaking at an international forum in Baku, Sechin said that Western sanctions were destroying corporate law while the refusal to buy Russian hydrocarbons is leading to an "acute energy deficit", boosting global inflation. Reporting by Nailia Bagirova and Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

BAKU, Oct 27 (Reuters) - One of Russian President Vladimir Putin's closest allies, oil chief Igor Sechin, on Thursday heaped praise on China's leadership, quipping that Taiwan would return to its "native harbour" on time. Sechin, the head of Russia's largest oil producer Rosneft (ROSN.MM), also said that Saudi Arabia's position on the global oil market was "reasonable" and based on analysis of oil supply and demand. Russia has moved to forge closer ties with Asia, especially energy-hungry China, to offset Western sanctions on Moscow over Ukraine. Sechin said U.S. attempts to create its own complex microchip industry showed that "Taiwan's return to its native harbour" was "on schedule". Reporting by Nailia Bagirova and Olesya Astakhova; writing by Vladimir Soldatkin; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Rosneft moves into tanker chartering as EU ban looms
▼ + stars: | 2022-10-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

Some of the G7 countries are working to introduce a price ceiling on Russian oil though it is not yet clear how this will work in practice. FIRST CHARTER The three sources said Rosneft is using its Rosnefteflot subsidiary to handle the shipping costs for buyers. The volumes have steadily increased and in October Rosneft chartered almost 1 million tonnes, mainly via Rosnefteflot, based on trade sources and Refinitiv Eikon data. That represents nearly 40% of the planned 2.5 million tonnes of Rosneft Urals crude tanker exports scheduled for October, according to Refinitiv Eikon and traders' data. Unlike Russia's second biggest oil company, Lukoil, and oil producer Gazpromneft, Rosneft does not have a chartering arm.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

REUTERS/Alexander Manzyuk//File PhotoSummary Registry by NGOs Carbon Tracker, Global Energy MonitorFirst global registry of world's fossil fuel assetsShows burning all known reserves would blow CO2 targetsLONDON, Sept 19 (Reuters) - Carbon Tracker and Global Energy Monitor said on Monday they had launched the first global registry of oil and gas reserves, production and emissions with data for more than 50,000 fields. It could also help activists in their efforts to pressure producers or governments to cut fossil fuel output. The Global Registry of Fossil Fuels contains data for fields in 89 countries, covering 75% of global production the non-governmental organisations which developed it said. While there is little doubt that much of the world's oil and gas reserves will have to stay underground to avoid a dramatic worsening of the climate, the registry has put a number on this. It is not straightforward to calculate the life-cycle emissions of a unit of oil, gas or coal, often relying on calculations rather than measurements which can differ widely.

Berlin/London (CNN Business) The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany's economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft's subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing account for about 12% of Germany's oil refining capacity, the ministry said in a statement. Europe has been embroiled in a bitter energy standoff with Russia since Moscow invaded Ukraine in late February, and its imports of Russian oil and natural gas have fallen sharply. Germany's Federal Network Agency, which regulates its gas and electricity industries, will control Rosneft's shares in three refineries: PCK Schwedt, near Berlin, MiRo, near Heidelberg, and Bayernoil in Bavaria.

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