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Rosneft recorded a strong performance in Q2

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Rosneft CEO Igor Setchine praised the group’s results despite “difficulties caused by Covid-19,” saying that the net profit recorded was “among the highest in the history” of the company.

Rosneft

Rosneft, the Russian oil giant, reported a net profit of 233 billion rubles in the second quarter (2.9 billion francs, at current exchange rates), fully recovering from the 2020 crisis.

The net profit increased by half compared to the first quarter of 2021 (149 billion rubles) and exploded compared to the second quarter of 2020 (43 billion rubles), a year marred by the pandemic and an oil crisis.

Group CEO Igor Setchine said the company had posted “strong” results despite “difficulties caused by the Covid-19 pandemic”, adding that the net profit recorded was “among the highest in the group’s history.”

Rosneft’s quarterly revenue doubled year-over-year to 2,167 billion rubles, announcing a reduction of its debt.

In addition, the powerful Igor Setchine announced that Rosneft has begun building the main infrastructure for the “flagship” Vostok Oil project in Siberia.

In particular, Vostok Oil, described by Mr. Setchine as “the world’s largest new hydrocarbon project,” enables Rosneft to remain at the forefront of the global hydrocarbon scene.

Rosneft announced its intention to start production in 2024 and reach 100 million tonnes by the end of the decade.

Despite the drop in demand caused by the pandemic, Rosneft’s 2020 year had been painful, although less painful than other oil giants: a price war between Moscow and Riyadh led to an unprecedented collapse of oil prices.

For MetaNews.

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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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