MOSCOW (Reuters) – Russia’s top oil producer Rosneft on Thursday posted a 13% rise in half-year net profit to 432 billion rubles (7.26 billion euros), citing tight control of costs.
Russian oil companies have had to deal with Western sanctions following Russia’s invasion of Ukraine, which have hampered their global trade and complicated their financing.
“Rosneft has come under unprecedented pressure from adverse external factors and unlawful sanctions,” Chief Executive Igor Sechin said in a statement.
Oil sales in the first half rose 5.7% year-on-year, while debt fell 12% from the start of the year, the group said.
“Thanks to high operational efficiency and appropriate management decisions, we were able to ensure business continuity and demonstrate stable results,” added Igor Sechin.
Following the geopolitical events, BP announced in February that it was giving up its 19.75% stake in Rosneft but remaining its main private shareholder.
Rosneft added on Thursday that BP was still entitled to more than 441 billion rubles for 2021.
“The financial results for the first half of 2022 provide a solid basis for the payment of an interim dividend and further growth in total settlements for 2022,” he said.
The oil company said hydrocarbon production in the first half reached 4.85 million barrels of oil equivalent per day, up 1.5% from the previous year “on a like-for-like basis”, excluding assets sold in 2021
(Report Vladimir Soldatkin; French version Alizée Degorce, edited by Kate Entringer)
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