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tells Tvp.info. The refund would comply with a March 30 Stockholm Arbitration decision, he says. Separately, Reuters reports from Moscow that Gazprom’s gas exports to Europe and Turkey fell by 19% in the first quarter y/y. Russia’s state gas export monopoly is believed to be losing money for first time in its 31 year history.
● Rosneft
Russian state energy holding Rosneftegaz reduced its shareholding in oil major Rosneft to 40.4% from 50% plus one share ​on March 28 to lose its controlling position, Rosneft said in a statement late on May 22. Rosneft’s subsidiary RN-NeftCapitalInvest acquired 9.6% in the parent company on April 30. Rosneft also left its shareholdings in Venezuelan companies including 100% of Grupo Rosneft C.A., 40% of Petrovictoria S.A., and 80% of the National Oil Consortium. The company also left its 100% shareholding in Germany-based Rosneft Energia GmbH and Russia-based private security company RN-Okhrana-Ryazan. Rosneft’s First Vice President Pavel Fyodorov said earlier in May that state oil company Roszarubezhneft had acquired all assets of Rosneft in Venezuela. It also became known that Roszarubezhneft had acquired a stake in RN-Okhrana-Ryazan, and the security firm’s charter capital was multiplied to 322.752 billion rubles from 250,000 rubles.
Russia’s largest oil company​ ​Rosneft​ is facing difficulties in supplying both its domestic refineries and foreign traders with oil ​amid the need to cut output to comply with the OPEC+ deal, Reuters reported on May 28, citing unnamed industry sources. As reported by ​bne IntelliNews,​ ​Russia could seek to extend the co-ordinated oil output cuts​ in order to support prices, which could have an adverse effect on the oil major’s financials. Reportedly, Rosneft has warned the Ministry of Energy that it is already struggling to support domestic refining capacities with crude oil and respect the binding long-term contracts with foreign traders at the same time.
Russian energy giant ​Rosneft​ said on May 22 its average daily crude oil and gas condensate production in the first quarter fell by 2.2% year on year to 4.64mn barrels ​due to a global deal to curb output, ​Reuters​ reported. Its first-quarter hydrocarbon production reached 5.75mn barrels of oil equivalent per day, down 2.5% from the same period a year earlier, the company said. Rosneft also said its natural gas production was down by 2.9% and amounted to 16.63bn cubic meters in the January-March period.
Russia's largest oil producer, state-controlled​ ​Rosneft​, reported a net IFRS loss of RUB156bn ($2bn) in 1Q20 ​versus net profit of RUB131bn for the same period of last year, the company said on May 15. The loss was attributed to currency losses and a drop in oil prices, the company commented, with Fx losses soaring to RUB177bn on a weaker ruble and revaluation of Fx liabilities. Rosneft's Ebitda was down 44% year on year to RUB309bn at revenue decline of 15% to RUB1.8 trillion, attributed to a 24% decline in oil prices. Net debt to Ebitda as of end of 1Q20 stood at 1.5x. At the same time, the cash flow remained positive, up by 4% y/y at RUB219bn, with Rosneft confirming the ​previous guidance for RUB354bn in dividends for 2019​ (50% of net profit).
Rosneft​ has asked Prime Minister Mikhail Mishustin to provide the company with tax reliefs related to the hard-to-recover gas deposits of the Berezovskaya formation in Western Siberia​, RBC reports. According to
111​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com