Contents tagged with Rosneft

  • Chlorine found again in Russian oil

    Russian oil has once again been found to contain levels of organochlorides significantly above European standards. In spring, such contamination resulted in more than a month of downtime on the Druzhba pipeline as EU buyers returned more than a million tons of substandard oil to Russia.

    According to RIA Novosti, the Russian oil transport monopoly Transneft has discovered a high chloride content in the oil supplied by Bashneft, making it some of the dirtiest oil in the country.

    Bashneft, which …

  • US threatens to impose new sanctions on Russian oil giant Rosneft

    The US is considering the option of imposing additional sanctions on the Russian oil company Rosneft, which has not merely continued trading oil with Venezuela, but has increased its trade despite the sanctions on the Nicolas Maduro government, said US Special Representative for Venezuela Elliot Abrams at a press conference on Tuesday.

    “Throughout this entire year, we have been seeing the growing dependence of the Venezuelan PDVSA and regime on the Russian government and on Rosneft. Constantly …

  • Corporate clients withdraw $10 billion from Russian banks

    For the second consecutive month, the Russian banking sector has experienced an outflow of foreign currency from the accounts of major corporate clients, who are rapidly spending or withdrawing the dollars and euros, reports finanz.ru.

    In July, legal entities withdrew another $900 million from current accounts and emptied a similar amount from foreign currency deposits. A month earlier, the outflow was a three-year record: $4.4 billion flowed out of deposits and $3.6 billion from current …

  • Russian oil giant Rosneft loses one third of cash flow due to ‘dirty oil’ scandal

    The chloride-contaminated Russian oil scandal, which resulted in nearly a month of downtime on the Druzhba oil pipeline and more than a million tons of substandard oil being returned to Russia by European consumers, has significantly impacted Rosneft’s financial results, finanz.ru reports.

    At the end of the first half of the year, Russia’s largest oil extraction company reported a sharp decline in cash flow and a more than 70% decrease in cash reserves.

    Between January and June, Rosneft …

  • Russian oil giant Rosneft converts nearly all its foreign currency reserves to dollars

    The Russian oil company Rosneft has reduced its euro-denominated investments to an absolute minimum, disposing of 90% of its liquid euro-denominated assets, according to the company’s second quarter report.

    While at the start of the year, Rosneft’s “foreign currency cushion” was 43% in euros and 57% in US dollars, by June 30, the American currency accounted for 89% and the European for only 11%.

    In half a year, Rosneft’s total euro-denominated assets plummeted by nearly 90% from €5.9 to €0.7 …

  • Kremlin demands tax concessions for Rosneft in Venezuela

    Russian Prime Minister Dmitry Medvedev has approved a proposal drafted by the Ministry of Energy to make amendments to the Russian-Venezuelan agreement to cooperate in several joint strategic projects. The Prime Minister advised the president to authorize the signing of the document. The text of the proposal was published on Russia’s legal information portal.

    The document proposes to add a provision on Moscow’s and Caracas’s obligation to create “favorable and undiscriminating conditions” and …

  • Russia restricts supplies of diesel fuel and liquefied gas to Ukraine

    Russia has imposed new restrictions against Ukraine from June 1, drastically reducing the supply of diesel fuel and liquefied gas to Ukraine.

    According to the publication enkorr, the agreed volume of supply of diesel fuel in June will be 65 thousand tons of which Russian oil company Rosneft will supply 50 thousand tons, and LUKOIL – 14.9 thousand tons.

    The volume for liquefied gas in June will be 32 thousand tons, of which 20 thousand tons will be supplied by Rosneft and 12 thousand tons by …

  • Russia’s largest petrochemical project declared unprofitable

    The Russian oil company Rosneft has abandoned its plans to invest in the Eastern Petrochemical Complex (EPC) in the Far East, the company’s first vice president Pavel Federov said in a conference call, finanz.ru reports.

    The $12 billion project, which was meant to be built in Primorsky Krai and become Russia’s largest petrochemicals cluster, was found to be unprofitable.

    The complex, which was expected to include oil refineries with a total annual capacity of 12 million tons and 3.4 million …

  • Russian oil giant Rosneft claims US approved oil deliveries from Venezuela to India

    Since the Venezuelan oil that Rosneft has been sending to factories in India was bought with prepaid contracts, the US State Department gave approval for these shipments, said Vice President of the Russian company Didier Casimiro as quoted by RBC news agency. 

    “We are allowed to use Venezuelan oil because the Venezuelan oil that we supply to refineries in India is under Rosneft’s prepaid contracts. Therefore, the US State Department gave its consent,” Casimiro said.

    He also added that the …

  • Russian oil giant Rosneft wants to ban Reuters in Russia

    The Russian oil company Rosneft has accused the Reuters news agency of “lying and disseminating rumors in the interests of its clients".

    Rosneft has published a statement on its website in response to Reuter’s article alleging that the company is helping the Venezuelan government to sell oil bypassing United States sanctions. According to Reuters, Rosneft is making money by buying discounted oil from the Venezuelan state-owned company PDVSA and then reselling it at full price.

    Rosneft called …