Latest news with #GazpromNeft
Al Arabiya
3 days ago
- Business
- Al Arabiya
Russia boosts oil supplies to Syria, data shows
Russia has increased supplies of its oil from the Arctic to Syria, which needs the feedstock for its refineries, according to shipping data cited by an industry source and LSEG data. Russia has long considered Syria as a key gateway for its trade and military operations in the Middle East and Africa. Its positions in the country's west, where it has a naval base in Tartous and Hmeimim air base near the port city of Latakia, have been dealt a blow following the toppling of Moscow-leaning President Bashar al-Assad in December, but Moscow is in talks with Syria's new administration to keep the bases, the Kremlin said in January. A tanker hit by US sanctions, Mitzel, loaded some 140,000 metric tons of Russian oil in the Arctic port of Murmansk and is heading to Baniyas port that has already received several cargoes of such oil, according to the source and LSEG. Tankers Sakina and Aquatica shipped oil from Russia to Syria in March, followed by the Sabina tanker in April, LSEG shipping data showed and traders said. Overall supplies of Russian oil to Syria reached some 350,000 metric tons, or some 2.6 million barrels so far this year. Russia has to look for alternative buyers of its Arctic oil since the US sanctions in January hit producer Gazprom Neft and the tankers shipping the crude. Russia also supplied diesel to Syria this year, LSEG data showed. Syria's refineries will need alternatives to Iranian oil, which made up a significant supply during Assad's rule but whose deliveries were suspended late last year, leading to a temporary shutdown of the Baniyas refinery in December. Syria's oil ministry announced a resumption of operations at Baniyas refinery in April after new oil shipments had been received but also said it was carrying out technical repairs at the site, without detailing the refinery's current operational capacity. Gazprom Neft, which produces ARCO and Novy port Arctic oil grades, and the Syrian oil ministry did not respond to requests for comment.
Reuters
3 days ago
- Business
- Reuters
Russia boosts Arctic oil supplies to Syria, LSEG and source data showed
MOSCOW, May 30 (Reuters) - Russia has increased supplies of its oil from the Arctic to Syria, which needs the feedstock for its refineries, according to shipping data cited by an industry source and LSEG data. Russia has long considered Syria as a key gateway for its trade and military operations in the Middle East and Africa. Its positions in the country's west, where it has a naval base in Tartous and Hmeimim air base near the port city of Latakia, have been dealt a blow following the toppling of Moscow-leaning President Bashar al-Assad in December, but Moscow is in talks with Syria's new Islamist-led administration to keep the bases, the Kremlin said in January. A tanker hit by U.S. sanctions, Mitzel, loaded some 140,000 metric tons of Russian oil in the Arctic port of Murmansk and is heading to Baniyas port that has already received several cargoes of such oil, according to the source and LSEG. Tankers Sakina and Aquatica shipped oil from Russia to Syria in March, followed by the Sabina tanker in April, LSEG shipping data showed and traders said. Overall supplies of Russian oil to Syria reached some 350,000 metric tons, or some 2.6 million barrels so far this year. Russia has to look for alternative buyers of its Arctic oil since the U.S. sanctions in January hit producer Gazprom Neft ( opens new tab and the tankers shipping the crude. Russia also supplied diesel to Syria this year, LSEG data showed. Syria's refineries will need alternatives to Iranian oil, which made up a significant supply during Assad's rule but whose deliveries were suspended late last year, leading to a temporary shutdown of the Baniyas refinery in December. Syria's oil ministry announced a resumption of operations at Baniyas refinery in April after new oil shipments had been received but also said it was carrying out technical repairs at the site, without detailing the refinery's current operational capacity. Gazprom Neft, which produces ARCO and Novy port Arctic oil grades, and the Syrian oil ministry did not respond to requests for comment.
Yahoo
21-05-2025
- Business
- Yahoo
Russia's Gazprom Neft Q1 net profit falls 42% y/y to $1.2 billion
MOSCOW (Reuters) -Gazprom Neft, the oil arm of Russian energy giant Gazprom, said on Wednesday its first-quarter net profit dropped 42% to 92.6 billion roubles ($1.2 billion), hurt by declining sales and foreign exchange-related losses. The company said its sales in the quarter declined by almost 9% to 890.9 billion roubles. "The dynamics of the company's financial indicators in the first quarter of 2025 were affected by the deterioration of the macroeconomic situation, inflationary pressure and the growth of the tax burden," Gazprom Neft said. ($1 = 79.8955 roubles) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
21-05-2025
- Business
- Reuters
Russia's Gazprom Neft Q1 net profit falls 42% y/y to $1.2 bln
MOSCOW, May 21 (Reuters) - Gazprom Neft ( opens new tab, the oil arm of Russian energy giant Gazprom ( opens new tab, said on Wednesday its first-quarter net profit dropped 42% to 92.6 billion roubles ($1.2 billion), hurt by declining sales and foreign exchange-related losses. The company said its sales in the quarter declined by almost 9% to 890.9 billion roubles. "The dynamics of the company's financial indicators in the first quarter of 2025 were affected by the deterioration of the macroeconomic situation, inflationary pressure and the growth of the tax burden," Gazprom Neft said. ($1 = 79.8955 roubles)
RTÉ News
05-05-2025
- Business
- RTÉ News
Russia's economy: bruised by sanctions, fueled by war
The Kremlin is gearing up to display its military power at this week's Victory Day parade, a ceremony now mirroring the state of Russia's economy: fully driven by the war in Ukraine. Western sanctions were meant to cripple Moscow's war machine. But did they? Despite claiming that years of war and isolation have made Russia stronger, the Kremlin is seeking to ease US sanctions in exchange for a Ukraine peace deal, amid signs of a tentative thaw in relations. Foreign Minister Sergei Lavrov said the new US administration expressed interest in "joint economic projects". While the White House has ruled out lifting restrictions before a peace agreement, it appears willing to listen to the Kremlin's pitch. In a notable policy shift, Washington last month hosted Russia's top envoy for the first time since 2022. Kirill Dmitriev claimed that American firms lost out on $300 billion in potential revenue by quitting the Russian market. While the figure is difficult to verify, US-Russia trade has indeed plummeted in the years following Russia's full-scale invasion of Ukraine – from around $35 billion in 2021 to $3.5 billion last year. What sanctions hurt Russia most? Sanctions targeting Russia's fossil fuels - a key source of Russian revenue, making up roughly a third to half of the federal budget - have been painful, though Russia has proven more resilient than Western governments initially expected. The Western ban on Russian crude oil and the G7's $60-per-barrel price cap slashed Russian earnings, prompting Moscow to find workarounds. Russia redirected much of its oil exports to Asia using a so-called "shadow fleet" of tankers. But in January, outgoing US President Joe Biden struck at that strategy with some of "Washington's toughest sanctions" yet. The new package targeted oil giants Gazprom Neft and Surgutneft, along with 183 tankers linked to Russia, prompting some Chinese and Indian firms to scale back purchases. The exit of high-tech oilfield firms like SLB (formerly Schlumberger), a leader in geophysical exploration and drilling, also dealt a major blow to Russia's energy sector, which has struggled to replace advanced technology. On the gas front, the US imposed an immediate ban after Russia's full-scale invasion, though it was never heavily reliant on Russian gas. For the EU, an outright embargo was too disruptive. Instead, Europe focused on gradually reducing its dependency. In 2022, Russia itself halted gas supplies to Europe in retaliation for Western sanctions on Russian oil, coal and banks. Combined with the EU's pledge to phase out Russian gas entirely by 2027, this pushed Russia's share of European gas imports down from 45% to just 19%. The impact on Russia's economy was stark. After decades of selling gas to Europe, the loss of that market left a gaping hole in the national budget, hitting energy giant Gazprom especially hard. Once a key revenue source for the Kremlin, the company reported heavy losses in 2023 before returning to profit last year. It appears that Brussels, not Washington, holds the key to some of the most painful sanctions. Russian central bank chief Elvira Nabiullina has pointed to the freezing of private investors' assets and restrictions on international payments as especially damaging. Russia is pushing for its major banks to be reconnected to SWIFT, the global payment system based in Brussels. In particular, Moscow wants its agricultural lender, Rosselkhozbank, reconnected to facilitate wheat, barley and fertiliser exports. SWIFT exclusion has made Russian exports slower, costlier and riskier. Among other demands, the Kremlin is seeking relief for its aviation sector. Boeing and Airbus were among the first to halt support and parts deliveries. Russia has since sourced components via third countries and announced plans to produce replacements domestically, raising safety concerns, should Aeroflot ever return to EU airspace. Safety aside, Aeroflot aircraft are unlikely to land in the European Union due to legal risks. In 2022, Russia seized and re-registered hundreds of planes leased from Irish firms, selling them to domestic airlines without consent. Russia's once-booming car industry plunged into crisis after European, Korean and Japanese brands exited in 2022. An embargo on foreign parts also hit domestic manufacturers like AvtoVAZ. Subsequently, many of the foreign factories were transferred to new owners, many of them reoriented to the production of Chinese cars. Russia's economy has bounced back but daily life is far from normal A staggering 41% of Russia's federal spending this year is going to the military, with production of tanks, artillery and bombs ramped up tenfold. War spending has given the economy a boost, with GDP growing by 4.1% last year. Defence industries have created jobs in remote regions, pushing unemployment to a record-low 2.3% last December. Further boosting consumer spending, returning conscripts are injecting their frontline earnings, reportedly over €2,000 a month, a gigantic sum in provincial Russia, back into local economies. While the Kremlin insists that "Western hostility" has only made the economy stronger, many Russians feel the pressure of sanctions in their everyday lives. Inflation remains high, at 10% last month, down from a post-invasion peak of 18%, but still eroding purchasing power. Food, rent, and car prices have all surged. Alongside rising costs, Russians now face a far narrower choice of Western goods and services, comforts many had grown used to during decades of open markets. In 2022, global giants like Apple, Ikea, Coca-Cola, Zara, McDonald's, Mastercard, Visa, Renault and Cartier exited the Russian market. Despite Kremlin efforts to fill the gap with domestic production, demand for Western cars, phones and fashion remains strong. Many of these products still reach Russia via parallel imports rerouted through third countries. But they often come without warranties or customer support. With relations between Russia and the US warming since Donald Trump returned to office, speculation has grown in Russian media about Western companies returning. None have confirmed such plans. Most claims appear to be rumours, often amplified by Kremlin-aligned outlets. Independent Russian journalist and Carnegie commentator Andrey Pertsev said the messaging is designed to "appease" the urban middle class. "People are tired," he said. "Prices are going up and Russians are realising the lack of competition is driving them up, among other things." It's a narrative that feeds the illusion, Mr Pertsev adds, that renewed talks with the West might bring real benefits to ordinary Russians.
