Rosneft Oil Company
Rosneft is one of the largest public oil and gas companies in the world. The main activities of Rosneft are oil and gas exploration and production, the production of petroleum products and petrochemical products, as well as the sale of manufactured products. The company is included in the list of strategic enterprises and organizations of Russia.
Rosneft's main activities are oil and gas exploration and production, the production of petroleum products and petrochemical products, as well as the sale of manufactured products. The company is included in the list of strategic enterprises in Russia. Its main shareholder (75.16% of shares) is ROSNEFTEGAZ OJSC, which is 100% owned by the state. About 15% of the Company's shares are in free float (see Share capital structure).
Oil production
Rosneft is successfully implementing a strategy of sustainable production growth, including through the introduction of state-of-the-art technologies. In 2010 The company produced 119.6 million tons of oil (875 million barrels). Thus, since 2004. production grew almost 6 times. At the same time, Rosneft demonstrates high operational efficiency in general and has the lowest level of unit operating costs for oil production not only among Russian, but also among the main international competitors.
For the period January-December 2017, oil production in Russia:
- Rosneft - 210.8 million tons (-0.3%),
- Lukoil - 82.2 million tons (-1.6%),
- Surgutneftegas - 60.5 million tons (-2.1%),
- Gazprom Neft - 59.9 million tons (+ 3.8%),
- TATNEFT - 28.9 million tons (+ 0.9%),
- Novatek - 11.8 million tons (-5.5%),
- Bashneft - 10.4 million tons (-3.4%),
- Russneft - 7.0 million tons (+ 0.2%),
- Neftegazholding - 2.1 million tons (-7.5%).
Gas production
2023: Record - 106 bcm
At the end of 2023, Rosneft was able to produce 106 billion cubic meters of gas, which was a record figure for the corporation. The first vice-president of the company, Sergei Menzhinsky, spoke about this at the end of January 2024.
 | We have reached the maximum historical record that we have produced 106 billion cubic meters of gas, and our market share was 14%, "he said (quoted by Interfax) at one of the exhibitions in Moscow. |  |
The news agency recalls that in 2022, gas production by Rosneft companies was also a record - 74.4 billion cubic meters. It turns out that in 2023 production increased by more than 42%.
Reporting for 9 months of 2023, the company reported that it increased gas production by 33% compared to the same period in 2022, to 1.5 million boe/day due to the increase in production volumes on existing projects, as well as the launch of new gas projects in the Yamalo-Nenets Autonomous Okrug in 2022. The active growth of Rosneft's gas production was ensured by an increase in the capacity of the Rospan project, which in 2023 should reach 21 billion m3/year, as well as the Kharampursky field.
Speaking about the results of 2023, Sergei Menzhinsky also said that Rosneft accounts for 40% of total oil production in the Russian Federation and 35% of its growth in the country as a whole, and in Eastern Siberia - 75%. Menzhinsky also clarified that Rosneft paid 4 trillion rubles in taxes in 2023. And for five years, Rosneft received about 18 trillion rubles from the Russian budget. Menzhinsky estimated Rosneft's contribution to the revenue side of the Russian budget at 16.7%.
He noted that by the end of 2023, Rosneft continued to work on the introduction of technologies for the production of rare earth metals and lithium from formation liquid.[1]
2017
Rosneft is one of the largest independent gas producers in the Russian Federation. The company produces more than 12 billion cubic meters. m of gas per year and has great potential to further increase production due to the presence of a significant amount of reserves. Rosneft is currently implementing a program to increase the level of use of associated petroleum gas to 95%.
Gas production in Russia in 2017 amounted to 690.5 billion cubic meters. m (+ 7.9% vs 2016).
Production indicators of companies in 2017:
- Gazprom - 472.0 billion cubic meters. m (+ 12.4%) or 68.4% of total production in Russia.
- Rosneft - 47.5 billion cubic meters. m (+ 1.8%),
- Novatek - 45.5 billion cubic meters. m (-9.1%),
- Lukoil - 21.1 billion cubic meters. m (+ 14.9%),
- Gazprom Neft - 15.3 billion cubic meters. m (+ 13.4%),
- Surgutneftegas - 10.0 billion cubic meters. m (+ 2.0%),
- Russneft - 2.4 billion cubic meters. m (-1.1%),
- Neftegazholding - 1.4 billion cubic meters. m (+ 0.4%),
- TATNEFT - 0.9 billion cubic meters. m (-3.7%)[2].
Rosneft Board of Directors
Main article: Rosneft Board of Directors
Information technologies at Rosneft
Main article: Information technology in Rosneft
History and Performance Indicators
2024: Rosneft and Reliance strike biggest ever Indian-Russian oil deal
In December 2024, Rosneft and Reliance entered into the largest ever Indian-Russian oil supply deal, sources reported [> Bloomberg]].
Rosneft will supply 500,000 barrels per day of various grades of oil.
The largest energy deal in history at $13 billion a year at current prices. Prices and volumes will be revised annually, sources say.
The agreement strengthens India-Russia energy ties. Both countries benefit amid Western sanctions against Russia.
Transneft sued 5 billion rubles from Rosneft due to pollution on the oil pipeline
On August 26, 2024, the Moscow Arbitration Court satisfied Transneft's claim against Rosneft in the amount of almost 5 billion rubles. The proceedings are related to the construction of a new branch of the Tikhoretsk-Tuapse 2 oil pipeline to pump additional volumes to the Rosneft refinery.
Transneft's application was submitted to the court on August 31, 2023. In January 2024, the court decided to consider the case behind closed doors, so the details of the proceedings were not disclosed. It is reported that the claim was satisfied in full: the court recovered more than 4.78 billion rubles from Rosneft.
According to RBC, Transneft and Rosneft have entered into an agreement within the framework of the project that defines tariffs for the transportation of raw materials. The money was planned to be used to finance the construction of the Tikhoretsk-Tuapse 2 oil pipeline line. At the end of 2014, the work was completed, but an accident occurred when filling the pipe with process oil at km 242. The pipeline was depressurized, resulting in contamination. At the same time, it was not possible to put the branch itself into operation.
Transneft stated that its transportation services under the contract were not paid in full, and the amount of the claim takes into account the accumulated penalties for late tariff payments. In turn, Rosneft filed a counterclaim against Transneft for 6.1 billion rubles, to which losses were estimated. This case was subsequently separated into a separate proceeding. Rosneft says that in 2012 the company agreed with Transneft to suspend tariff payments until a state examination conclusion was received (it was issued in October 2022). It is alleged that the contract for pumping oil was concluded separately for 2012, and there is no debt on it. Subsequently, it was supposed to conclude an additional agreement with the adjusted tariff, but the parties failed to agree on its terms.[3]
2023
CNPC and Nord Axis are the company's largest customers
Before the outbreak of the conflict in Ukraine in February 2022, the bulk of Russian oil was handled by a tiny cabal of merchants working from places like London and Geneva.
Vitol Group, Glencore and Trafigura Group were the dominant forces. In 2021, they transported about 40% of Ural oil. That trio of companies publicly exited the Russian oil trade shortly after the outbreak of the conflict in Ukraine, when the prospect of sanctions became a reality. They were replaced by an entire army of smaller and more difficult-to-track organizations with unclear affiliation and headquarters from Hong Kong to Dubai.
Apart from Russia's Lukoil, China National Petroleum Corp. and Indian Oil Corp., the five largest buyers of Russian oil in 2023 were previously unknown.
Murtaza Lakhani is a key oil trader for Rosneft - Bloomberg
Trading tycoon, oil trader Murtaza Lahani in October 2023 was called a key figure in Rosneft's exports under Western sanctions by Bloomberg. Lahani's lawyers deny any role in the Russian oil trade at this time.
A veteran of oil deals from Baghdad to Caracas, the Karachi native has made a name for himself by navigating the toughest jurisdictions. Now, allied with Sechin, he could help set up a network of oil traders and shipping companies to funnel Russian barrels around the world amid an uncertain Western response - sanctions and price caps designed to limit revenues, along with calls from Washington to continue shipping.
2022
3.3% revenue growth and 7.9% decrease in net income
Rosneft's net profit in 2022 amounted to 813 billion rubles, which is 7.9% less than a year ago. The company reported a 3.2% increase in annual revenue, but did not specify the absolute figure in the statements published on March 20, 2023. At the same time, it was previously reported about revenue of 8.76 trillion rubles for 2021, which means that in 2022 it could reach 9.08 trillion rubles.
As explained in Rosneft, the drop in profits in 2022 is largely due to the influence of non-monetary factors. The achieved level of net profit is a solid basis for paying dividends for the reporting year, the company noted. Capital expenditures of Rosneft in 2022 increased by 7.9%, reaching 1.13 trillion rubles.
| | We continued our active investment program - the volume of capital investments in 2022 exceeded 1.1 trillion rubles. It should be noted that over the past three years, the tax conditions for the activities of oil companies have been tightened 14 times, which undoubtedly creates risks for the implementation of our production program, - the words of the head of the company Igor Sechin are quoted in the message. | |
At the end of 2022, Rosneft processed 94.4 million tons of oil, and also sold a record 42.1 million tons of petroleum products on the Russian market. At the end of 2022, the depth of oil refining at Russian oil refining assets increased to 76.2%, the yield of light oil products - to 57.1%.
Gas production in 2022 amounted to a record 74.4 billion cubic meters. Rosneft has discovered 7 fields and 153 new oil and gas deposits. In particular, the Madachag field was discovered with reserves of 82 million tons, which became the largest discovered in Russia in 2022. Rosneft on land of the Russian Federation performed more than 4.4 thousand linear kilometers of seismic work 2D and over 6.8 thousand square meters. km of seismic work 3D. Completed 64 exploration wells with 80% success rate[4]
German asset confiscation complaint
The Russian oil company Rosneft in October 2022 filed a judicial complaint against the actions of the German government, which in September took control of its assets in the country.
Chancellor Olaf Scholz's ruling coalition justified the move by saying it was necessary to protect energy supplies and secure a future refinery in Schwedt.
Rosneft argues that the requirements for an enforcement order set out in Germany's Energy Security Act have not been met, and that it has fully complied with its supply obligations. She also argues that the new rules introduced in the summer are unconstitutional.
Berlin transferred Rosneft's German assets, including its 54.17% stake in the Schwedt refinery, to custody. In March 2023, the German government extended this deadline until September 10, after Rosneft won a lawsuit challenging the measure.
Berlin wants to find a buyer for a stake in Rosneft, and in April 2023, the lower house of parliament approved changes to the law to allow a quick sale. However, by September 2023, the Russian energy company and Berlin had not made progress on the issue of concluding a deal, which delays the search for potential investors.
In September 2023, it was announced that Germany would extend the external management of Rosneft assets for six months. The term of trust of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH has been extended "to ensure energy supply."
German government nationalizes Rosneft subsidiaries
In September 2022, it became known that the German Government transfers oil importers Rosneft Deutschland and RN Refining & Marketing under the control of the German regulator, the Ministry of Economy said.
Sale of 49% of Petrocas Energy to the CEO of the company Vano Nakaidze
Rosneft sold its stake (49%) in Petrocas Energy to the general director of this Georgian company, Vano Nakaidze. This became known in June 2022. Read more here.
2021
Second place in the ranking of the largest Russian companies in terms of capital investments
In November 2022, Forbes magazine published a rating of the largest Russian companies in terms of capital investments for five years - 2017-2021. During this period, the rating companies invested a total of almost 42 trillion rubles. Read more here.
Revenue growth by 52.2%, to 8.76 trillion rubles, profit - 883 billion rubles
Rosneft completed 2021 with revenue of 8.76 trillion rubles, which is 52.2% more than in 2020. Net profit was a record and reached 883 billion rubles, an increase of more than 6 times compared to profit a year ago. The company published its financial results on February 11, 2022.
It is noted that Rosneft in 2021 reflected a profit from the sale of assets in Vietnam and 50% in a joint venture with Gazprom Neft Tomskneft in the amount of 11 billion rubles.
The company's capital expenditures in 2021 increased by 33.6%, to 1.049 trillion rubles, in the fourth quarter - by 58.6% compared to the third quarter, to 360 billion rubles. Rosneft's increase in capital expenditures is associated with the planned implementation of the Vostok Oil project and with ensuring the implementation of the production program at the company's assets.
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The company's net financial debt in 2021 decreased by $5.5 billion. The absolute value is not specified. The net debt/EBITDA ratio amounted to 1, 3x, having decreased by the end of the year almost 2 times since the beginning of the year. The high level of financial stability is supported by a multiple of the amount of liquid financial assets on the company's balance sheet and the available volume of credit lines over the short-term part of the debt, Rosneft said in a statement.
Rosneft's liquid hydrocarbon production in 2021 amounted to 1425.2 million barrels (192.1 million tons), a decrease of 6% compared to 2020 due to the disposal of a number of low-margin assets. Excluding disposed assets, the average daily production of liquid hydrocarbons increased by 1.5% year-on-year. Production continued to be affected by restrictions under the OPEC + agreement. Oil refining at the company's refineries in 2021 increased by 2.3% compared to 2020 - to 95.1 million tons[5]
Sharp growth of foreign currency on the balance sheet
Rosneft has sharply increased the share of foreign currency on its balance sheet, storing in bank accounts revenues from soaring hydrocarbon prices and revenues from the sale of a stake in the Vostok Oil project.
During the third quarter, the currency "cushion" of the largest oil company Russia increased by $5 billion and 1.2 billion euros, follows from the reports published on November 19.
For 12 months, the volume of dollars in Rosneft's liquid assets almost tripled - from 4.9 to 13 billion dollars, and the euro's reserves soared 14 times - from 0.3 billion to 4.2 billion.
The company, which accounts for every second barrel extracted from Russian subsoil, prefers to save foreign currency: its ruble assets for the year, although they increased, but significantly less - only by 10%, to 592 billion rubles as of September 30.
Rosneft overtook BP in capitalization for the first time
On September 27, 2021, Rosneft overtook BP in market capitalization. This is evidenced by the data of the London Stock Exchange.
According to Vedomosti, on September 27, 2021, the value of Rosneft at the time of the opening of trading was $90.6 billion against BP's $87.7 billion. Since the beginning of the year, the rate of quotations of the Russian oil company on the London and Moscow stock exchanges has risen by about 40%.
The publication notes that Rosneft is the main beneficiary of rising oil prices in Europe, the countries of the former USSR and the Middle East, wrote earlier in its Bank of America Merrill Lynch review. According to the bank, the fair value of Rosneft's share is $9.9, that is, the growth potential from current levels is about 20%.
According to analysts, Rosneft has not yet revealed its full growth potential of the company. So, in early September 2021, investment bank JP Morgan raised its target price for the company's shares by 14%, to $10 per GDR (equal to one share). As noted in the bank, Rosneft has the highest securities growth potential among Russian oil and gas companies thanks to the Vostok Oil project, which is not yet fully reflected in the market's assessment of the company.
According to the investment strategist of the Arikapital management company Sergei Suverov, market conditions are becoming an important factor in the growth of Rosneft shares:
| | A cold winter and a shortage of gas in the market could lead to higher oil prices. And Rosneft may become the main beneficiary of this. | |
According to the expert, since December 2017, when the fundamental strategy of the company was approved until 2022, the value of its shares has grown by more than 2.1 times. Analysts are generally optimistic about Rosneft's prospects, based on its financial results in recent years.[6]
2020
Rosneft's combined revenue - 62,913,789 thousand rubles
At the end of 2020, Rosneft increased revenue by 7% - to 62,913,789 thousand rubles Data include the combined revenue of four Rosneft insourcing companies with the following turnover for 2020: LLC IC "" Sibintek(56,565,923 thousand rubles), LLC "Sibintek -" Software(5,329,155 thousand rubles), LLC "" Expertek IBS(588,460 thousand rubles), LLC "" Visualization Laboratory - Sphere(430,251 thousand rubles). In the ranking, TAdviser "The largest IT insourcing companies in Russia Rosneft took first place. In 2019, the same figure was 58,759,781 thousand rubles.
Revenue drop by 42.6%, to 5.75 trillion rubles, profit drop by 80%, to 181 billion rubles
Rosneft at the end of 2020 received revenue in the amount of 5.75 trillion rubles, which is 42.6% less compared to 2019. The company linked this decline to the impact of the COVID-19 coronavirus pandemic and production restrictions set by the OPEC + agreement.
Rosneft's net profit in 2020 fell by almost 80%, amounting to 181 billion rubles. In 2019, such profit was measured at 802 billion rubles. In the fourth quarter of 2020, net profit was a record due to the positive effect of transactions under the Vostok Oil project.
For 2020, Rosneft's capital investments amounted to 785 billion rubles, a decrease of 8.1% compared to 2019. Specific capital expenditures in the Exploration and Production segment decreased by almost 10%. The optimization of capital expenditures corresponds to the previously announced plans and is due to the revision of the company's investment program within the framework of directives brought by the authorized state body to reduce oil production, Rosneft said in a statement.
At the end of 2020, Rosneft's free cash flow amounted to 425 billion rubles, down 54.8% compared to 2019. The company called this result good in the conditions of cheaper oil and restrictions on its production. Rosneft's free cash flow has remained positive for 9 years in a row.
The total volume of Rosneft's obligations, including payables and deferred tax obligations, reached about 8.5 trillion rubles by the end of 2020.
In 2020, the share of the short-term part of financial debt continued to decline; at the end of 2020, the figure was 17%. The amount of liquid financial assets and the available volume of credit lines almost tripled the short-term part of financial debt.[7]
25% reduction in salaries for remote employees
On July 31, 2020, it became known about Rosneft's decision to cut salaries for employees at remote work by 25%. The reduction in salaries of some employees of the central office is scheduled for October 1.
At the end of July 2020, Rosneft reported that 84% of central office employees work remotely. At the same time, the company announced that from October 1, it is planned to transfer workers "remotely" to a 30-hour working week. Rosneft called this decision one of the measures "to preserve the health of the company's employees and ensure continuity and efficiency of operations in the face of restrictions and risks caused by the pandemic."
According to Kommersant, the reduction in working hours and remote working hours do not apply to employees of production divisions, as well as those of employees who are involved "in ensuring the continuity of individual business processes."
According to Rosneft's annual report, by the beginning of 2020, the company had 334.6 thousand employees, of which 1%, or about 3.3 thousand people, worked in the central office. According to Kommersant's estimates, the planned salary cuts could allow the company to save 4-5 billion rubles. in year.
A proportional reduction in working hours and wages is one of the measures to avoid staff reductions, Aida Ibragimova, head of the Personnel Compliance practice at KSK Group, told Kommersant. According to her, companies quite often take such a step in crisis periods. According to Article 74 of the Labor Code, in the event of a threat of mass dismissal of employees, the employer has the right to introduce part-time or part-time work for up to six months, she added.
Rosneft is included in the list of backbone enterprises that can count on soft loans to pay employees if their number for 2020 does not decrease by more than 10%.[8]
Rosneft unites enterprises of the shelf block into a single holding
Rosneft is in the process of forming a sub-holding in the direction of Exploration and Production, within the framework of which the company's profile assets, including the shelf block, are being consolidated. This was announced in May 2020 by a representative of Rosneft to TASS.
| | "The company is currently in the process of forming a sub-holding in the direction of Exploration and Production. Within the framework of this initiative, specialized assets are being consolidated, including enterprises of the shelf block, "he said, stressing that the transition to a holding management structure is one of the goals of the implementation of the Rosneft 2022 strategy. | |
According to the representative, the holding structure will allow the company to increase business efficiency, as well as the quality and efficiency of managing structural divisions.
The Board of Directors of Rosneft approved the Rosneft-2022 strategy in December 2017. It is focused on changing the company's business by introducing new technologies, increasing the return on existing assets of the company, etc. Including one of the goals is the transition to a holding management structure.
Q1: Net loss 156 billion rubles, debt - 4.228 trillion
Rosneft completed the first quarter of 2020 with a net loss of 156 billion rubles (according to IFRS). This happened for the first time in 8 years. In addition, the average price of Urals oil was $48.
We expected a negative quarterly result - the first since 2012 - but its scale almost doubled the forecast: on average, analysts polled by Interfax pledged 90 billion rubles of loss.
According to the financial results of the company, the devaluation of the ruble hit, from which the debt, approximately half denominated in foreign currency, increased sharply in ruble terms.
Although Rosneft repaid $1.6 billion in foreign currency obligations, and increased ruble loans by only 35 billion rubles, due to the growth of the dollar - by 27% in January - the total amount of the company's debt jumped from 3.828 to 4.228 trillion rubles.
If we take into account the debt under prepaid contracts, Rosneft pledged raw materials not yet mined to obtain loans in China, then the company's debt burden increased to 4.888 trillion rubles ($67 billion).
According to the results of the quarter, Rosneft reduced oil production by 2.2% (4.64 million barrels per day), gas production by 3% (16.63 billion cubic meters), while the fall of the ruble was not enough to compensate for the decline in world oil prices. The average cost of selling Urals fell both in dollars (by 21.8%) and in rubles (by 18.5%).
Rosneft demanded 43 billion rubles from RBC
Rosneft demands through the court to recover 43 billion rubles from RBC. So the company assessed the damage to reputation from the title in one of the articles on the agency's website. As RBC was informed in May 2020, they received a statement of claim from Rosneft for a "record amount for the media market[9].
The article in question claimed that the Ryazan private security company of the state-owned Roszarubezhneft became the owner of one of the largest former Venezuelan assets of Rosneft - the National Oil Consortium. RBC is convinced "of the reliability and objectivity of the published information based solely on official data."
Main article: RBC History
Powers of I. Sechin at the head of the company extended for 5 years
In May 2020, the Government of the Russian Federation extended the powers of Igor Sechin at the head of Rosneft for another five years.
2019
Oil Barrel Production Cost $11.3
Bloomberg based on IFRS 2019 data. calculated the cost of producing a barrel of oil from the three largest Russian companies Lukoil:,,. For Rosneft Gazpromneft all three, it does not exceed $12 per barrel.
For Rosneft, this figure is $11.3 per barrel ($3.8 OPEX and $7.5 CAPEX), for Lukoil - $10.2 per barrel ($3.7 OPEX and $6.5 CAPEX), for Gazprom Neft - $9.8 per barrel ($3.8 OPEX and $6 CAPEX).
Appointment of Vice President for Informatization
On November 8, 2019, Rosneft announced that the company had introduced a single integral position of vice president for informatization, innovation and localization, which was taken by Andrei Shishkin (more).
Transfer of all export contracts from dollars to euros
Rosneft has translated all export contracts into euros, minimizing sanctions risks, the company's chief executive officer Igor Sechin said in October 2019 at the Eurasian Economic Forum in Verona.
"We have not just started this work, we have already completed it, all our export contracts are already being implemented in euros and the potential for working with the European currency is very large. But here it all depends on regulation, "Sechin said at the end of the panel discussion.
"So far, this measure is forced to limit the company from the impact of US sanctions," Sechin said.
Previously, in Rosneft contracts, the default payment currency was the dollar, and the euro was only a reserve option. This year the situation has changed.
Sechin expressed the opinion that in the future the yuan has the most chances to become a reserve currency. "I think that the yuan will have the most chances to use as a reserve currency due to the growth of the Chinese economy," said the head of Rosneft.
Purchase of the St. Petersburg Fuel Company
On July 31, 2019, Rosneft announced the acquisition of a 100% stake in the independent fuel operator St. Petersburg - St. Petersburg Fuel Company"." It is expected that this will allow Rosneft to take a leading position in the oil products market St. Petersburg and - Leningrad Region one of the largest in. RUSSIAN FEDERATION The deal was approved in accordance with the corporate procedures of Rosneft. More. here
2018: Debts 5.8 trillion rubles
At the end of 2017, Rosneft's debts amounted to 5.6 trillion rubles, and in 2018 they grew by another 200 billion. Servicing those debts eats up a decent chunk of the company's profits, and tends to rise. Considering that the net profit for 2018 amounted to about 550 billion rubles, Rosneft's debts will be paid by distant descendants.
Rosneft is the most credited oil company in Russia. Rosneft's net debt is higher than the size of the National Welfare Fund of the Russian Federation.
Net debt to EBITDA ratio of Rosneft 2.2x including prepayment under long-term supply contracts. The rest of the oil workers of the Russian Federation have practically no debt.
Rosneft is more credited than many major oil companies, such as Exxon. However, there are companies with a greater credit burden. For example, PDVSA.
EBITDA per barrel for 2018: Lukoil and Tatneft at $21, Surgutneftegas $16, Rosneft $15, Gazpromneft $14.
Rosneft is one of the most underutilized companies in terms of creating shareholder value.
Rosneft pays the least dividends from every barrel of oil produced.
Since the IPO by April 2019, Rosneft has not earned anything for its investors in dollars, even taking into account the dividends paid.
2015: Rosneft's top management revenues grew by 31% in 2015
Rosneft's top management revenues grew in 2015 by 31.5% compared to 2014 - to 3.682 billion rubles, RNS reports citing the company's quarterly report.
It is noted that the board of the company includes 11 people. Thus, the average income of a board member in 2015 amounted to almost 335 million rubles. A year earlier, they received an average of 254.3 million rubles.
It was also reported that the revenues of Gazprom's top management increased by 6.2%.
2014: Rosneft's net profit down nearly 10%
Rosneft's net profit in 2014 decreased by 9.8% compared to 2013 and amounted to 350 billion rubles ($9.3 billion). Profit attributable to Rosneft shareholders amounted to 348 billion rubles.
Rosneft increased its sales revenue by 17.2% to 5.503 trillion rubles. Basically, revenue growth is associated with an increase in sales volumes and depreciation of the ruble, which partially compensated for the fall in oil prices, Rosneft noted. In dollar terms, revenue amounted to $146.7 billion, which is comparable to the level of 2013.
Profit before interest, income tax and amortisation (EBITDA) increased by 11.6% - to 1.057 trillion rubles.
Rosneft's net debt in dollar terms decreased by $13.6 billion. The debt burden in ruble terms was significantly affected by the negative effect of the depreciation of the ruble against foreign currency, which does not affect the debt burden in dollar terms, given the stability of revenue and the planned repayment of all loan obligations, the oil company noted.
In 2014, Rosneft transferred more than 3 trillion rubles to the budget.
2013: Agreement on the supply of oil to Poland through the Druzhba pipeline for three years
Poland is one of Rosneft's largest customers in Europe. In February 2013, it became known that Rosneft had entered into an agreement on the supply of oil through the Druzhba pipeline to Poland. According to the official press release of the company, the deal is about $15 billion in current prices.
The contract with the Polish company PKN Orlen is designed for three years. Under its terms, about six million tons of oil will be sent to Poland annually. Thus, in total, Rosneft will send about 18 million tons of oil to Poland[10].
2010: Purchase of 50% of Germany's Ruhr Oel from Venezuela's state-owned oil company Petroleos de Venezuela
In October 2010, during the visit of Venezuelan President Hugo Chavez to Russia, an agreement was signed on the purchase by Rosneft of 50% of the German Ruhr Oel from the Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA). The deal will amount to $1.6 billion. Ruhr Oel controls four refineries in Germany, and thanks to the deal, Rosneft's refining capacity could grow by more than 11 million tons of oil per year.
2012: Export of 59.9 million tons of oil, of which more than 40 million tons to European countries
At the end of 2012, the company exported a total of 59.9 million tons of oil, and in 2010 exports reached 60.8 million tons. Of these, more than 40 million tons fell on European countries, and 3.35 million tons - on the CIS countries. Another 16.9 million tons went to the countries of the Asia-Pacific region.
Board
For 2012, the Rosneft board included:
- Eduard Yuryevich Khudainatov, Chairman of the Board
- Pavel Fedorov
- Kalanda Larisa Vyacheslavovna
- Gilaev Gani Gaysinovich
- Lazarev Pyotr Ivanovich
Geography
The geography of Rosneft's activities in the exploration and production sector covers all the main oil and gas provinces of Russia: Western Siberia, Southern and Central Russia, Timan-Pechora, Eastern Siberia, the Far East, and the shelf of the Arctic Seas. The company also implements projects in Kazakhstan, Algeria, Venezuela and the UAE. Seven large Rosneft refineries are distributed throughout Russia from the Black Sea coast to the Far East, and the sales network covers 41 regions of the country. Rosneft also owns 50% of Ruhr Oel GmbH, which owns shares in 4 refineries in Germany.
Resource base
Rosneft's main competitive advantage is the size and quality of its resource base. The company has 22.8 billion barrels. n e. Proven reserves, which is one of the best indicators among public oil and gas companies in the world. At the same time, Rosneft is the undisputed leader in terms of liquid hydrocarbon reserves. The Company has proven hydrocarbon reserves of 25 years, and most of the reserves are classified as traditional, which makes it possible to effectively increase production. The company also has 12.5 billion barrels. n e. probable reserves and 10.5 billion barrels. n e. Possible reserves, which are a source of replenishment of proven reserves in the future.
Geological exploration
To ensure sustainable production growth in the long term, Rosneft is actively expanding its resource base through exploration and new acquisitions. Proved hydrocarbon reserves over the last 5 years averaged about 150% excluding acquisitions, one of the highest in the industry. Most of Rosneft's exploration activities are carried out in the most promising oil and gas regions of Russia (Eastern Siberia, the shelf of the southern seas of Russia, the Far East), which provides the Company with access to approximately 50.5 billion barrels. n e. Forecast recoverable resources. In 2010, the Company acquired several sites on the Arctic shelf of Russia, one of the most promising regions in the world.
Refining at the company's refinery 50.5 million tons of oil
The total volume of oil refining at the company's refineries was in 2010. record 50.5 million tons (369 million barrels) for the Russian processing sector Rosneft's plants have a favorable geographical position, which makes it possible to significantly increase the efficiency of the supply of produced petroleum products. Currently, Rosneft"" is implementing projects to expand and modernize its refineries in order to improve the balance between production and processing, as well as to increase the production of high-quality products with high added value that meet the most modern environmental standards.
Own export terminals
A distinctive feature of Rosneft is the presence of its own export terminals in Tuapse, De Castries, Nakhodka, Arkhangelsk, which significantly increase the efficiency of the Company's exports. Rosneft is currently implementing comprehensive programs for their expansion and modernization in order to ensure that these capacities meet the planned export volumes.
Development of own filling station network
One of Rosneft's strategic objectives is to increase the volume of sales of its own products directly to the end consumer. To this end, the company is developing a retail sales network, which currently has 1,800 gas stations, and ranks second among Russian companies in terms of the number of gas stations.
Cooperation agreement with ExxonMobil in the Kara and Black Seas
Rosneft has entered into a Strategic Cooperation Agreement with ExxonMobil, which initially provides for joint exploration of license areas in the Kara and Black Seas. The alliance plans to include a number of projects in the field of geological exploration and development of hydrocarbon fields in Russia, the USA and other countries of the world. As part of the partnership, Rosneft and ExxonMobil plan to create the Arctic Research and Design Center for Offshore Development (ARC) for joint research by Russian and American specialists.
Notes
- ↑ Rosneft in 2023 set a record, producing 106 billion cubic meters. m of gas
- ↑ Industrial health monitoring based on IPEM indices
- ↑ The court satisfied the claim of Transneft against Rosneft for 5 billion rubles
- ↑ RESULTS OF ROSNEFT FOR 12 MONTHS 2022 IFRS
- ↑ Q4 FINANCIAL RESULTS AND 12 MES. 2021
- ↑ Rosneft overtook BP in capitalization for the first time
- ↑ Q4 FINANCIAL RESULTS AND 12 MES. 2020
- ↑ Rosneft will save on personnel
- ↑ " Rosneft estimated the damage from the RBC headline at ₽43 billion
- ↑ , Rosneft sold oil worth $15 billion in one contract
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