Rosneft announces a significant loss of assets

The Russian oil giant Rosneft announced a loss of 889 million dollars due to the seizure in mid-September by Berlin of its activities in Germany, where it previously managed many refineries.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

The Russian oil giant Rosneft announced a significant loss of assets of 889 million dollars due to the seizure in mid-September by Berlin of its activities in Germany, where it previously managed many refineries.

Germany, a major consumer of Russian hydrocarbons, is trying to shed its dependence on Russia, which has become a pariah under sanctions for the West since its assault on Ukraine on February 24.

With this heavy loss in assets, Rosneft announced a net profit of 591 billion rubles ($9.4 billion) in the first nine months of 2022 compared to last year, down 15% year-on-year, as the group did not detail its results precisely for the third quarter.

“In Q3 2022, the most significant negative impact on results came from the transfer of the group’s assets to Germany (…), which resulted in the recognition of an additional asset loss of 56 billion rubles,” or $889 million at today’s rate, Rosneft said in a statement.

“Rosneft continued to be negatively affected by external factors and illegal restrictions including the seizure of Rosneft’s assets in Germany and various sanctions targeting Russia (between July and September),” its boss, Igor Setchine, was quoted in the statement as regretting.

In mid-September, the Russian group’s subsidiaries in Germany, which account for 12% of the country’s refining capacity, were placed under forced “trust administration”, in the midst of the energy dispute between Europe and Moscow over the Russian offensive in Ukraine.

In particular, Berlin has pledged to end Russian oil imports by the end of the year. The Russian giant, for its part, had criticized “an inappropriate means” of Berlin to achieve its objectives, then filed an appeal against the German state
mid-October.

Revenues, meanwhile, rose 15.7% in the first nine months of 2022 compared to the same period last year, to “$102.3 billion,” according to Rosneft. From January to September, “oil deliveries to Asia increased by about a third and fully offset the decline in supplies to European buyers.” Finally, Rosneft points out that its oil production in the first nine months of the year “reached 4.97 million barrels per day, an increase of 2.2% year-on-year”.

But, a new obstacle to overcome for Moscow, the introduction on Monday by Western countries of a cap on the price of Russian crude. The Kremlin has already vowed that it will not sell oil to those who apply this cap. The objective of the Americans and Europeans is to reduce Russian revenues and thus undermine the financing of its offensive against Ukraine.

Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Imperial Petroleum expanded its fleet to 19 vessels in the second quarter of 2025, while reporting a decline in revenue due to lower rates in the maritime oil market.
Eight OPEC+ members will meet to adjust their quotas as forecasts point to a global surplus of 3 million barrels per day by year-end.
A key station on the Stalnoy Kon pipeline, essential for transporting petroleum products between Belarus and Russia, was targeted in a drone strike carried out by Ukrainian forces in Bryansk Oblast.
The European Union’s new import standard forces the United Kingdom to make major adjustments to its oil and gas exports, impacting competitiveness and trade flows between the two markets.
The United Kingdom is set to replace the Energy Profits Levy with a new fiscal mechanism, caught between fairness and simplicity, as the British Continental Shelf continues to decline.
The Italian government is demanding assurances on fuel supply security before approving the sale of Italiana Petroli to Azerbaijan's state-owned energy group SOCAR, as negotiations continue.
The Dangote complex has halted its main gasoline unit for an estimated two to three months, disrupting its initial exports to the United States.
Rosneft Germany announces the resumption of oil deliveries to the PCK refinery, following repairs to the Druzhba pipeline hit by a drone strike in Russia that disrupted Kazakh supply.
CNOOC has launched production at the Wenchang 16-2 field in the South China Sea, supported by 15 development wells and targeting a plateau of 11,200 barrels of oil equivalent per day by 2027.
Viridien and TGS have started a new 3D multi-client seismic survey in Brazil’s Barreirinhas Basin, an offshore zone still unexplored but viewed as strategic for oil exploration.
Taiwan accuses China of illegally installing twelve oil structures in the South China Sea, fuelling tensions over disputed territorial sovereignty.

Log in to read this article

You'll also have access to a selection of our best content.