Page 223 - RusRPTAug24

9.2 Major corporate news 9.2.1 Oil & gas corporate news
● Gazprom
Russia's Gazprom net losses nearly double year on year. Gazprom's
revenue fell by 30% last year with a net loss of $6.9bn, the largest in 25 years.
Bulgaria sues Russian Gazprom, seeking compensation of more than $430mn. In 2023, the Russian gas giant suspended Bulgargaz's long-term contract, which covered 90% of the quantities of natural gas delivered by Bulgargaz to customers.
Gazprom Neft posts almost 8% rise in 1H net profit under IFRS Revenue climbed by 30.1% to 2.018 trillion rubles ($23.5bn)
● Rosneft
Germany's Schwedt oil refinery is running at over 80% capacity despite the uncertainty over its ownership after Germany seized control of the refinery shortly after Russia’s invasion of Ukraine in 2022, according to German state secretary Michael Kellner Reuters reports. Schwedt provides about 90% of all fuel for the capital Berlin, but has been dogged by crude supply issues after the EU banned the import of Russian crude oil on December 5, 2022. Far from the coast and with no pipelines connecting the refinery to German ports, the refinery has traditionally been dependent on the Soviet-era pipeline network that connects it to oil fields in Siberia. Initially crude oil was trucked to the refinery, but later a swap deal was worked out to deliver Kazakh oil to Schwedt via the pipeline network to keep it supplied, using pipelines that run through Poland. Back at almost full capacity, market conditions have provided no incentive to increase output further, Kellner said. Last year, the refinery operated at 50-60% capacity sanctions were imposed.
● Novatek
Novatek posts 2.2-fold rise in 1H net profit under IFRS to $3.8bn The company's net profit attributable to shareholders amounted to 463bn rubles ($5.09bn) in 2023
China refuses to provide Russia with equipment for the Arctic LNG 2 project. At the end of March, the Chinese gas liquefaction equipment manufacturer Wison New Energies shipped two units for the third phase of the Russian Arctic LNG 2 project. But on its way to Russia, the Chinese ship turned around and headed back. Wison announced it was completely
223 RUSSIA Country Report August 2024 www.intellinews.com