AVN 64.80 Increased By ▲ 0.63 (0.98%)
BAFL 30.90 Increased By ▲ 1.00 (3.34%)
BOP 4.73 Increased By ▲ 0.10 (2.16%)
CNERGY 3.87 Decreased By ▼ -0.02 (-0.51%)
DFML 13.44 Increased By ▲ 0.09 (0.67%)
DGKC 41.34 Increased By ▲ 0.49 (1.2%)
EPCL 46.23 Decreased By ▼ -0.77 (-1.64%)
FCCL 11.39 Increased By ▲ 0.39 (3.55%)
FFL 5.05 Decreased By ▼ -0.03 (-0.59%)
FLYNG 5.81 Increased By ▲ 0.04 (0.69%)
GGL 9.90 Increased By ▲ 0.15 (1.54%)
HUBC 64.06 Increased By ▲ 2.11 (3.41%)
HUMNL 5.67 Increased By ▲ 0.02 (0.35%)
KAPCO 27.83 Increased By ▲ 0.25 (0.91%)
KEL 2.13 Decreased By ▼ -0.02 (-0.93%)
LOTCHEM 24.35 Increased By ▲ 0.05 (0.21%)
MLCF 21.36 Increased By ▲ 0.64 (3.09%)
NETSOL 84.43 Increased By ▲ 1.33 (1.6%)
OGDC 87.80 Increased By ▲ 1.75 (2.03%)
PAEL 10.92 Increased By ▲ 0.12 (1.11%)
PIBTL 4.17 Increased By ▲ 0.03 (0.72%)
PPL 77.53 Increased By ▲ 1.34 (1.76%)
PRL 13.65 Decreased By ▼ -0.01 (-0.07%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 41.75 Increased By ▲ 1.00 (2.45%)
TELE 5.89 Increased By ▲ 0.01 (0.17%)
TPLP 15.81 Increased By ▲ 0.16 (1.02%)
TRG 112.65 Increased By ▲ 2.55 (2.32%)
UNITY 13.97 Increased By ▲ 0.22 (1.6%)
WTL 1.14 Decreased By ▼ -0.01 (-0.87%)
BR100 4,048 Increased By 80.6 (2.03%)
BR30 14,467 Increased By 282.1 (1.99%)
KSE100 40,673 Increased By 801.8 (2.01%)
KSE30 15,190 Increased By 292.7 (1.96%)
Follow us

MOSCOW: Russia’s oil giant Rosneft said Wednesday its profit over the past nine months had been badly hit by the seizure of its German-based refineries by Berlin.

“In 3Q 2022, the most significant negative impact on income came from the transfer of the company’s assets in Germany… which resulted in the recognition of an additional loss of 56 billion rubles (around $889 million),” Rosneft said in a statement.

Between July and September, the company “continued to be negatively affected by external factors and illegal restrictions”, including the transfer of assets in Germany, Rosneft chief executive Igor Sechin said in the statement.

Berlin in September took control of Rosneft’s German subsidiaries, which account for about 12 percent of oil refining capacity in the country, and placed them under the trusteeship of the Federal Network Agency.

Italy secures US guarantees to unlock funding for Lukoil refinery

Germany has also pledged to end Russian oil imports by the end of the year as Europe seeks to wean itself off Russian energy supplies since the start of the Ukraine offensive.

But Rosneft said it had increased its deliveries to Asia by a third and “fully compensated for the decline in supplies to European buyers”.

Despite the heavy loss, Rosneft’s ruble revenue in the first nine months of 2022 increased by 15.7 percent year-on-year to the equivalent of $102.3 billion.

The net profit between January and September was at 591 billion rubles, down from 696 billion rubles over the same period last year.

Comments

Comments are closed.

Russia’s Rosneft reports $889mn loss from assets ‘transfer’ in Germany

Fitch says PKR to further weaken

Country braces for fuel shortages?

IMF revises GDP growth projections downward

Govt plans to convert Rs800bn PHL debt into public debt

Nepra FCA decision: Power Div proposes revision

KE, Discos: Nepra approves negative tariff adjustments

Jul-Dec: govt has borrowed $5.595bn

In West Bank, US presses for two-state solution

Paracetamol: govt to allow increase in price

Zardari for increasing minimum wages to Rs 35,000