Rosneft redirected oil from Europe to Asia
Photo is illustrative in nature. From open sources.
Even before the embargo on Russian oilRosneft increased its exports to Asia by a third in the first 9 months of the year, compensating for the decline in supplies to Europe.Embargo and price ceiling for raw materials from RUSSIA came into force in the EU on December 5
Over the past January-September, Rosneft increased hydrocarbon production and successfully optimized distribution channels, Igor Sechin, chairman of the board and chief executive officer of the company, said on Wednesday, December 7 (his words are quoted in a Rosneft report)
According to Sechin, oil supplies to the Asian direction increased by about a third and fully compensated for the decline in supplies to European buyers. The volume of oil sales for nine months increased by 3.3%, to 86.9 million tons, of which 52.4 million tons were in the Asian direction, the company's press service clarifies. In the third quarter, the share of the Asian direction in the structure of oil sales in non-CIS countries reached 77%.
As a result, Rosneft's EBITDA reached a record high in January-September, exceeding 2 trillion rubles, while debt and trade obligations decreased by 17% since the beginning of the year, the HEAD of the company added. The ratio of net financial debt to EBITDA at the end of the third quarter was 1.1x compared to 1.3x at the beginning of the year.
Western countries have set a price ceiling for Russian oil.What does it mean Business
On Monday, December 5, an embargo on the import of Russian crude oil by sea came into force in the EU. From the same day, the price ceiling for its supplies to third countries is in effect, which should not exceed $60 per barrel. This restriction was approved by the countries of the "Big Seven" (G7: usa , UK, Germany, France, CANADA, Italy and Japan) and Australia.
The Russian authorities have criticized the introduction of a ceiling on oil prices and promised not to supply it to countries that approved the restrictions. “We will let you know how the work will be organized after the analysis, which will be done quickly,” Dmitry Peskov, press secretary of the president, promised.
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