Rosneft reports H1 net loss of RUB 113 billion
In January-June 2020, net loss attributable to Rosneft shareholders (under IFRS) totaled RUB 113 billion versus profit of RUB 325 billion in the same period of the previous year, the company says in a press release.
Revenues and equity share in profits of associates and joint ventures dropped by 33.4%, year-on-year, to RUB 2,804 billion.
In the reporting period, EBITDA fell by 54.9% to RUB 479 billion.
Commenting on 2Q 2020 financial results Rosneft’s Chairman of the Management Board and Chief Executive Officer Igor Sechin said: “The reporting period was characterized by unprecedented macroeconomic conditions including a sharp reduction of prices due to failing demand on the back of COVID-19 pandemic and lower production volumes due to realization of the new OPEC+ Agreement”.
Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Rosneft activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad.
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