Rosneft profits down 80% YoY

RUSSIA / FSU POLITICS - In Brief 13 Feb 2021 by Alex Teddy
On February 12 Rosneft announced a huge fall in 2020 profits. That is due to the drop in crude prices. The profit was USD 2 billion. Dividend payments are being made nonetheless. BP has a 19.8% stake in Rosneft. Shell and BP declared losses in 2020.In Q3 2020 Rosneft suffered a loss of USD 870 million. A good Q4 more than made up for that. Rosneft sold its share in the Vostok Oil project Trafigura. Production in the Vostok Oil is due to start in 2024. The objective is 100 million tons by 2030.

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