A Review of the Nigerian Energy Industry

Rosneft lines up anti-sanctions measures, net income up

Rosneft office26 July 2014, News Wires – Russia’s biggest oil producer Rosneft said on Friday it has been seeking ways to cope with the negative impact of international sanctions, as it reported higher net income helped by a stronger rouble.

Kremlin-controlled Rosneft, which accounts for 40 percent of Russian oil production, was hit by U.S. sanctions over Moscow’s actions in Ukraine, limiting the company’s access to Western money. Cooperation with international peers is important to Rosneft, 19.75 percent of whose shares are owned by BP.

ExxonMobil also has a number of joint projects with Rosneft. Chief Executive Officer Igor Sechin, a longstanding ally of Russian President Vladimir Putin, said the company has been working on a plan to offset the negative effect of the punitive measures.

“Together with our partners – the world’s leading oil companies – we are working on a plan to minimise the consequences of including Rosneft on the sanction lists,” Sechin said in the statement.

Svyatoslav Slavinsky, in charge of Rosneft’s financials, told a conference call that the company does not expect any changes to its joint projects with international majors. “Speaking about our forward plans regarding our cooperation with our partners, there have been no changes, everything has been done and (funding) is on track… We should not expect any major changes,” he said through an interpreter. 


– Reuters

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