MOSCOW, Nov 28 (Reuters) – The January-September net income of Russia’s largest oil producer Rosneft (ROSN.MM) fell by 70% year-on-year to 277 billion roubles ($3.57 billion) amid high interest rates, cheaper oil and a stronger rouble, the company said on Friday.
Lower oil prices have dragged down the quarterly profits of various oil majors, including Shell (SHEL.L) and TotalEnergies (TTEF.PA).
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Rosneft said additional pressure on the company’s results came from an increase in ensuring “anti-terror security”.
The company did not elaborate on the specific security measures. Ukraine has stepped up drone attacks on Russia’s energy infrastructure since August.
Rosneft said its revenue dropped by 17.8% in the first nine months of the year to 6.29 trillion roubles.
“The high level of the Bank of Russia’s key interest rate continues to have a significant negative impact on the profit. In addition, non-monetary and one-off factors adversely affected the indicator’s dynamics during the reporting period,” Rosneft said.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell for the period by 29.3% to 1.6 trillion roubles.
($1 = 77.4955 roubles)
Reporting by Vladimir Soldatkin; Editing by Nia Williams
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