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Rosneft working to limit effects of sanctions, profits jump MOSCOU: Russia's state-held oil giant Rosneft said on Friday it was working on a plans to reduce the effects of Western sanctions over Ukraine, and announced a five-fold jump in second-quarter earnings."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," Rosneft chief executive Igor Sechin said in the company's earning statement.Rosneft was hit by US sanctions last week and the European Union is considering tightening exports of technology needed to explore and extract energy from remote Russian regions.Meanwhile the company beat analyst expectations to post a second-quarter net profit of 172 billion rubles (3.6 billion euros, $4.9 billion).Profits were boosted by positive exchange rate effects, and a 22-percent jump in sales compared with the second quarter of 2013 to 1.44 trillion rubles.Operating profit measured as earnings before interest, taxes, depreciation and ...

Oil prices slip awaiting Russia sanctions LONDON: Oil prices turned lower on Thursday as the market took their leads from geopolitical tensions affecting key crude producing regions Russia and the Middle East.Brent North Sea crude for delivery in September dropped 25 cents to stand at $107.78 in London midday deals.US benchmark West Texas Intermediate for September fell 32 cents to $102.80 a barrel."The market should continue to monitor geopolitical headlines," said Andrey Kryuchenkov, analyst at financial group VTB Capital."We do not ...
UK gas prices edge up on possible new EU sanctions against Russia LONDON: Wholesale natural gas prices in Britain rose on Thursday as the threat of economic sanctions on Russia offset ample supply.Gas prices for delivery the next day were trading at 37.60 pence per therm at 0855 GMT, up 0.35 pence since their last close, while prices for delivery within the day were up 0.05 pence to 37.25 pence a therm."There's a fear that five months up the line, or even before, flows from Russia to ...
Brent oil dips below $108, market well-supplied LONDON: Brent crude dipped below $108 a barrel on Thursday as unseasonably weak demand from European refiners and plentiful supplies offset strong Chinese factory data.Brent for September delivery was down 31 cents at $107.72 a barrel by 0909 GMT, after closing 70 cents higher on Wednesday. U.S. crude was down 33 cents at $102.79 a barrel, after gaining 73 cents in the previous session."Oil is moving in a small range. It opened relatively high and ...
Oil market firm before US energy report LONDON: World oil prices edged higher Wednesday in cautious trading and dealmakers monitored the latest newsflow from Ukraine and the Middle East, ahead of the weekly US inventories report.Israel's operation against Hamas in Gaza continued to cause tensions, however, as UN chief Ban Ki-moon urged an end to the conflict that has entered its 16th day.Brent North Sea crude for delivery in September climbed 30 cents to stand at $107.63 a barrel nearing midday in ...
UK gas near-term prices weaker on oversupply LONDON: Wholesale natural gas prices in Britain were lower on Wednesday as supply continued to exceed demand.The front-month futures lost 0.4 percent to 37.20 pence/therm in early trade, while the day-ahead contract had not traded at the time of writing but was bid at 36.85 pence, 0.15 pence below Tuesday's settlement."A long system and higher forecasted UKCS (UK Continental Shelf) flows for today are the two bearish factors for the day-ahead contract," analysts at Thomson ...
Brent firm above $107; strong dollar offsets global tensions LONDON: Brent crude steadied above $107 a barrel on Wednesday as a stronger dollar and weak demand offset threats to supplies from oil-producing regions.The European Union threatened Russia with harsher sanctions on Tuesday after the downing of the Malaysian airliner in Ukraine, straining the EU's relationship with the world's second-largest oil exporter."When the U.S. and the EU impose more sanctions on Russia, that will impact the mid-term production profile of the Russian oil industry," said ...


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Foreign Debt $60.9bn
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WeeklyJuly 10, 2014
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