Russia - 01

Russia: Rosneft Finances in Spotlight as Venezuela Prepayment Captivates Media

Rosneft’s financial results for the first half of 2017 that were published a few days ago demonstrate a troubling picture of declining profitability and rising debts. The profits of $1.4bn posted by the company in 1H2017 amount to less than half of the firm’s profits for the same period two years ago, while the oil price has declined by less than 15%. Profits have suffered as a result of rising costs: much of these increases are due to higher taxation but Rosneft’s own operating costs have spiraled up.

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