Page 13 - FSUOGM Week 49 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft takes hit from loss

of German refining assets

GERMANY RUSSIA’S Rosneft has taken a RUB56BN Rosneft has additional shares of 24% in the
($890mn) impairment hit this year from the loss MiRo refinery and 28.6% in the Bayernoil refin-
Otherwise, the of its assets in Germany, where the government ery in Germany. Putting together its stakes, it is
company's numbers seized control of a major Russian-owned oil the country’s third-largest oil refiner.
look good. refinery. EBITDA at the company was up 21.8% in
The company reported RUB59bn ($9.4bn) the nine-month period at RUB2 trillion. And
in net income for the first nine months of this its capital expenditure was up 20% at a record
year on December 7, down 15% from a record- RUB822bn, largely as a result of spending at the
high of RUB696bn in the same period last year. Vostok Oil project in the Russian Arctic. Debt
The company that it had received a boost from had shrunk by 17% by the end of September ver-
added sales from Asia, as Russian ties with the sus the beginning of the year.
European energy market become increasingly Production inched upwards by 2.2% to
severed. 4.97mn barrels of oil equivalent per day, with
Germany’s government placed Rosneft’s oil output remaining stable at 3.81mn bpd,
refining interests in the country under state trus- while gas extraction rose by 10.6% to 1.16mn
teeship in September, arguing that the step was boepd.
necessary to shore up energy security. Rosneft is Exports to Asian countries increased by
the majority owner of the 230,000 barrel per day around a third to 52.4mn tonnes in the third
(bpd) Schwedt oil refinery with a 55% stake. It quarter, with the share of the non-CIS Asian
is only the fourth-largest refinery in Germany, nations in its sales reaching a record 77%. Rus-
but it is seen as strategically valuable, as it cov- sian oil supplies to Europe slumped this year as a
ers around 90% of the fuel needs of Germany’s result of complications caused by sanctions and
capital, Berlin. Western buyers shunning cargoes. ™

Week 49 12•December•2022 www. NEWSBASE .com P13