Rosneft Reports 33% Rise in Q2 Bunker Volumes

by Ship & Bunker News Team
Monday July 28, 2014

Russian oil giant OAO Rosneft (Rosneft) reports bunkering volume of 1.0 million tonnes in the second quarter of 2014, 33 percent more than the period in 2013, thanks to new contracts in the Far East.

The company reported net income of 172 billion roubles ($4.8 billion) on revenues of 1.4 trillion roubles ($39.4 billion), up from 35 billion roubles ($1.0 billion) in net income and 1.2 trillion roubles ($33.8 billion) in revenues in Q2 2013, even as Western sanctions over Russia's actions in Ukraine threaten to dampen its growth.

"In the reporting quarter the Company continued successful implementation of key projects and once again demonstrated strong financial results," said President Igor Sechin.

"Together with our partners – the world's leading oil companies – we are working on a plan to minimize the consequences of including Rosneft on the sanction lists."

The company said its increased bunker sales, along with rising volume of jet fuel sales, was part of a push to expand its premium sales channels.

Sechin said Rosneft has a sustainable oil production level of 5 million barrels per day (bpd) and is developing offshore projects including the Berkut platform, which will add 4.5 million tonnes of oil per year at the Sakhalin-1 project.

The company also expanded its cooperation with partners, including through a long-term contract with BP signed in June.

KPI Bridge Oil's Marisa McGuire wrote earlier this month that sanctions on Russia could affect oil markets, leading to a "serious increase" in bunker prices.