Rosneft makes record profit as energy prices soar

RUSSIA / FSU POLITICS - In Brief 13 Nov 2021 by Alex Teddy
The Russian oil major said on November 12 that it has made a handsome profit in Q3 2021. Rosneft made a net profit of USD 4.3 billion that quarter. That was 35% up on Q2. It is also a 60% YoY increase for the quarter.The CEO said that rising energy prices will lead to even greater profits as demand increases because the world is defeating coronavirus. CEO Igor Sechin acknowledged that there is uncertainty in the market especially with all the talk about switching to renewables. He said a super cycle of energy buying is a distinct possibility. Rosneft is 20% owned by BP (a British company). Rosneft made a loss in 2020 during annus horribilis for the energy sector. Gas prices are also up this year.Sechin said he is bullish about investing more in the Vostok Oil Project in Siberia. Some are skeptical about this audacious undertaking. If the world moves to renewables as fast as it says it will then Vostok Oil could become a huge white elephant. The UN COP26 climate conference in Glasgow, UK is drawing to an end with dozens of nations vowing to wean themselves off hydrocarbons.

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