Huge Profit for Russian State Oil Company Rosneft

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The profit of the Russian state oil company Rosneft rose very sharply in the second quarter. This was partly due to rising oil prices. In addition, due to the economic recovery of many large countries from the corona crisis, there is more demand for oil.

 

Rosneft recorded a profit of 2.8 billion euros. That is 55 percent more than in the second quarter.

About a fifth in the hands of the British oil and gas group BP, Rosneft is thus recovering from losses in the corona year 2020.

At the time, the price of crude oil plummeted as the global economy was hit by the corona pandemic, which reduced oil demand.

The oil group has also started constructing the most essential infrastructure for a major oil project in Siberia, the Vostok Oil project. Production is to start there in 2024.

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