Top Russian oil producer Rosneft posted a 13% rise in half-year net profit on Thursday to 432 billion roubles ($7.22 billion) which it said was helped by tight cost controls.
A view shows a flare stack at Rosneft's oil stabilisation facility outside the town of Neftegorsk in the Samara Region, Russia September 6, 2022. REUTERS/Alexander Manzyuk/File PhotoNet income attributable to shareholders up 13%
Russian oil firms have faced Western sanctions over Ukraine which have impeded their global trade and complicated financing. "Thanks to high operational efficiency and appropriate management decisions, we were able to ensure business continuity and demonstrate stable results," Sechin, a long-standing ally of President Vladimir Putin, added.Rosneft accounted for around half of BP's oil and gas reserves and a third of its production.
Sechin said at the time that BP's dividend would be transferred to special accounts, without elaborating. Russia has imposed capital controls and restricted cross-border transfers of foreign currencies to weather Ukraine-related sanctions.
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