Russia’s Rosneft announced a loss of profit
2022.12.07 03:43
Russia’s Rosneft announced a loss of profit
Budrigannews.com – Rosneft, the largest oil producer in Russia, disclosed on Wednesday that the transfer of assets to Germany, which took control of a significant oil refinery owned by Russia, had a negative impact on the nine-month profit.
Without providing a comparison, Rosneft stated that its nine-month net income was $9.4 billion, or 591 billion roubles. This was down 15% from 2021, when a record-breaking 696 billion roubles were reported for the same time period.
In the midst of a wider conflict with Russia over Ukraine, Germany placed a unit of Rosneft under the trusteeship of the industry regulator in September, taking over the Schwedt refinery, which supplies 90% of Berlin’s fuel.
Rosneft said on Wednesday, the main adverse consequence on pay came from the exchange of the organization’s resources in Germany to outside administration of the Government Organization, which brought about the acknowledgment of an extra deficiency of 56 billion roubles.
In addition, the transfer of assets reduced cash by 76 billion roubles.
According to Rosneft, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a record high of 2.01 trillion roubles between January and September.
In addition, the business stated that its nine-month hydrocarbon production in 2022 reached 4.97 million barrels of oil equivalent per day, an increase of 2.2% year-over-year.
