Page 137 - RusRPTDec21

assets increased 7.5% in 9M 2021, reaching 32.4mn tonnes. This growth was driven by recovering demand in line with the gradual lifting of COVID-19 restrictions, as well as the commissioning of the new EURO+ complex at the Moscow Refinery.
In 9M 2021, the company delivered a 12.2% increase in premium-channel petroleum product sales, which comprised 19.2mn tonnes. Motor fuel sales increased 11.3% due to increasing demand following the gradual easing of COVID-19 restrictions. Average daily per-station sales across the Gazpromneft petrol station network reached 19.5 tonnes per day in Russia in Q3 2021, exceeding the 2019–2020 levels. Sales of aviation fuels saw an increase of 30.5% year-on-year. Lubricant sales increased by 8.7%, while sales of premium bitumen products rose by 40%.
Decarbonisation and environmental protection continue to be among the company’s top priorities, as Gazprom Neft is implementing a number of unique technological projects aimed to support this process. The company put into commercial operation a modular unit for separating associated petroleum gas (APG) into usable fractions. This equipment is helping to cut the company’s carbon footprint by improving efficiency in APG processing. Gazprom Neft is also planning to develop projects in carbon capture and storage and hydrogen energy, including in partnership with companies from various industries, as well as developing minimal-carbon-footprint aviation biofuels in partnership with Aeroflot.
● Rosneft
Rosneft reported its 3Q21 IFRS results on November 12, with revenue,
EBITDA and net income all coming in ahead of our and consensus estimates.
The company’s record 9M21 net income of RUB696bn sets up a good dividend base for the FY21 dividend, which we expect to be above RUB47/share. The company also booked RUB299bn for the sale of 5% of Vostok Oil, which is in line with the valuation used in the sale of 10% of the asset to Trafigura in 2020.
Operating results. Consolidated liquids production was up 3% q/q and flat y/y at 344mn bbls (47.2mnt), while total liquids production was also up 3% q/q and 2% y/y to 366mn bbls (50.2mnt). Consolidated gas production was up 5% q/q and 12% y/y to 15.6bcm. Production at Rospan International rose 15% q/q and 137% y/y to 3.5bcm, while output at Khranampurneftegaz slipped 8% q/q and 4% y/y to 0.2bcm. Total product output at the company’s Russian refineries was up 3% q/q and 7% y/y to 23.3mnt, while foreign refining grew 1% q/q but was down 1% y/y to 3mnt.
Sales volumes. Total crude sales grew 2% q/q and 12% y/y to 29.8mnt. Non-FSU crude exports slipped 3% q/q and y/y, while domestic sales were up 81% q/q and y/y to 2.9mnt. Petroleum product sales were flat q/q but up 46% y/y to 26mnt.
137 RUSSIA Country Report December 2021 www.intellinews.com