Rosneft Working on Sanctions Strategy

Date : 07/25/2014 @ 8:40AM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 81.4  0.0 (0.00%) @ 6:31AM

Rosneft Working on Sanctions Strategy

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LONDON--Russia's state-controlled oil giant OAO Rosneft said Friday it is working out how to deal with U.S. sanctions affecting the company as it reported a surge in second quarter net profit.

The U.S. last week imposed sanctions that prevent people or firms with ties to the U.S. from providing medium- and long-term credit to some of Russia's biggest companies, including Rosneft.

The European Union is meantime considering sanctions which could include a ban on exports of energy technology for deep-water and Arctic oil-drilling in Russia. Rosneft, nearly-20% owned by the U.K. oil major BP PLC, has substantial interests in such activities, and is partnering with the U.S.'s Exxon Mobil Corp. in Arctic oil exploration.

"Together with our partners-the world's leading oil companies-we are working on a plan to minimize the consequences of including Rosneft on the sanction lists," the company said in a statement.

The U.S. Treasury Department already in May placed sanctions on Rosneft Chief Executive Igor Sechin over Moscow's annexation of Crimea in Ukraine. Under the sanctions, U.S. nationals aren't allowed to do business with Mr. Sechin, but may deal with the company as he isn't its majority owner.

Rosneft, the world's largest listed oil producer, said its revenue rose by 22% to 1.435 trillion rubles ($40.9 billion) in the second quarter compared with 1.176 trillion rubles ($33.5 billion) a year ago. Its net profit was up almost fivefold at 172 billion rubles ($4.9 billion), largely due to a stronger ruble.

The company's oil and gas production increased by 4.6% on-year to 5 million barrels of oil equivalent a day.

Write to Selina Williams at selina.williams@wsj.com

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