Rosneft Fears Long-Term Damage From Prolonged War In Ukraine Bloomberg

(MENAFN- UkrinForm) According to Ukrinform, this was reported by Bloomberg, citing people familiar with the matter.

Rosneft's profits are falling and its debt is rising, despite the fact that the war in Iran was expected to provide the company with an unexpected source of revenue, the report says.

According to the publication, Rosneft has suffered significant losses from Ukraine's campaign of strikes against Russian infrastructure. The company operates 12 oil refineries, accounting for about one-third of Russia's total refining capacity. According to Bloomberg's calculations, of the 15 confirmed drone strikes on Russian oil refineries in September, five targeted major Rosneft facilities supplying fuel to European Russia, the country's largest consumer market.

Damage estimates reviewed by Bloomberg showed that the Ryazan oil refinery – one of the largest refineries supplying fuel to Moscow and surrounding regions – had been shut down for more than half the time since the first attack in May and, when operating, had been running significantly below full capacity. The refinery has come under repeated attacks as Rosneft sought to restore operations.

The Syzran refinery was either completely offline or operating at less than one-third of its nominal capacity for most of the past six months, while the company's Tuapse refinery on the Black Sea coast has been offline since April, according to data analyzed by the agency.

The report says Rosneft managed to restore operations at some refineries within several weeks of being hit, but the facilities came under attack again when repair work had been completed or was nearing completion.

According to Rosneft officials, the need to repeatedly repair damaged equipment is complicating operations and driving costs to levels that cannot be sustained over the long term. Unnamed Bloomberg sources said some refineries were deliberately slowing repair work, stretching it out over weeks instead of a few days.

Read also: Drones strike oil pumping station in Russia's Tambov region, media report

According to company plans reviewed by Bloomberg, measures to protect facilities with shipping containers, nets and steel cables have proved ineffective against swarms of UAVs. Damage is particularly difficult to repair when strikes hit complex secondary processing units, such as fluid catalytic cracking units, reformers and hydrocrackers, for which parts were previously supplied by Western manufacturers.

As reported by Ukrinform, a fire broke out at the Ryazan oil refinery in Russia overnight on October 15 following a drone attack.

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