Rosneft has published an annual report with the results of its activities for 2020 (available to Izvestia). At the end of the year, the company generated a net profit of RUB 147 billion.
“In the difficult macroeconomic conditions of 2020, the company has demonstrated its ability to quickly respond to external challenges and successfully confront them. This made it possible not only to maintain the leading positions of Rosneft, but also to strengthen them in the energy market, ”said the head of the company Igor Sechin.
The company’s free cash flow amounted to 425 billion rubles, which allows it to make payments to shareholders and service debt obligations. At the same time, the report indicates that the amount of net financial debt for 2020 decreased by almost $ 10 billion.
Rosneft also achieved its goal of optimizing its capital investment program: at the end of the year, they amounted to 785 billion rubles.
By the end of 2020, Rosneft holds a 6% share in world oil production and operates in 23 countries. In the 4th quarter of 2020 <...> increased the volume of daily production of liquid hydrocarbons by 1.9% compared to the 3rd quarter, gas – by 7.5%, ”the report says.
In addition, last year Rosneft launched the flagship Vostok Oil project, which, in particular, will provide unhindered access to the sea and access to the Northern Sea Route.
“The unique geographic location of the project allows oil to be supplied via the Northern Sea Route to both traditional European markets and fast-growing Asian markets. Vostok Oil will provide a significant share of freight traffic along the Arctic transport route, ”the Rosneft officials noted.
The company also launched two major projects – the Erginsky license area and the Severo-Danilovskoye field. The potential for production at these projects is more than 45 million barrels of liquid hydrocarbons per year, they stressed.
Earlier, on April 28, it was reported that the international rating agency Moody’s retained the credit rating of Rosneft at the investment level Baa3. Analysts noted the low level of production costs of Rosneft and predicted that in 2021 the company will demonstrate improvement in credit metrics.