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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Rosneft Oil Company    ROSN   RU000A0J2Q06

ROSNEFT OIL COMPANY

(ROSN)
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Small trading firms gain Rosneft oil product exports after sanctions

10/13/2020 | 12:48pm EST

MOSCOW, Oct 13 (Reuters) - Rosneft has sold more than a third of its seaborne oil product exports to small trading firms so far in 2020, shipping data and Reuters calculations show, in a shift from the Russian state oil giant's strategy of sales to top trading houses and oil majors.

The change in the decade-long policy came soon after the United States imposed sanctions on Rosneft over its dealings with Venezuela, which prompted the Russian oil major to look for ways to diversify its pool of customers.

Although Rosneft, which declined to comment, has since stopped dealing with Venezuela, Washington has left the sanctions in place.

Trading firms Cetracore, Mercantile and Maritime and Petrocas together bought 36% of Rosneft's seaborne oil product exports in the first nine months of 2020, slightly above the 35% purchased by Trafigura, the data and calculations show.

Rosneft's partner and shareholder BP has accounted for just 7% of Rosneft's seaborne product exports this year, while Glencore and Vitol have bought 3% and 2% respectively, the data shows.

Rosneft, Trafigura, Mercantile and Petrocas declined to comment. Cetracore did not respond to a request for comment.

TENDER WINNERS

Mercantile, Cetracore and Petrocas all won the right to lift significant amounts of Rosneft's oil products in 2020. Rosneft, the largest Russian oil product supplier, exports mostly by sea and sells through annual tenders.

Cetracore was the second largest "offtaker" of Rosneft's seaborne oil product export after Trafigura, purchasing about 18% of the volume so far this year, Reuters calculations showed.

The firm buys mostly fuel oil and diesel from Rosneft loading to the Black Sea market, it also purchases gasoline from the Baltic port of Arkhangelsk.

Petrocas, in which Rosneft owns a 49% stake and Georgian businessman David Yakobashvili the remaining 51%, accounted for about 10% of Rosneft's oil product exports so far in 2020.

The firm buys ultra-low sulphur diesel loading from Baltic Primorsk and Black Sea Novorossiisk from Rosneft and resells it to trading firms and Mediterranean buyers.

MERCANTILE TRADE

Mercantile and Maritime, which used to cooperate with Rosneft in shipping and trading in European and Middle Eastern markets, last year secured term supplies from it.

At the end of 2019, Mercantile won several term tenders for oil product supplies this year, during which its loadings account for some 8% of Rosneft seaborne oil product exports, Reuters calculations show.

This includes naphtha from the port of Tuapse and the ports of Nakhodka and Vostochniy in eastern Russia as well as vacuum gasoil in the Black Sea region. (Additional reporting by Dmitry Zhdannikov in LONDON and Gleb Gorodyankin in MOSCOW; Editing by Alexander Smith)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.64% 267.55 Delayed Quote.-41.73%
GLENCORE PLC 1.61% 215 Delayed Quote.-10.09%
LONDON BRENT OIL 1.88% 48.84 Delayed Quote.-30.61%
ROSNEFT OIL COMPANY 0.52% 473.6 End-of-day quote.5.31%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.26% 75.6011 Delayed Quote.22.74%
WTI 2.37% 45.845 Delayed Quote.-29.68%
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Financials (USD)
Sales 2020 76 509 M - -
Net income 2020 -88,1 M - -
Net Debt 2020 52 898 M - -
P/E ratio 2020 -158x
Yield 2020 0,08%
Capitalization 59 602 M 59 602 M -
EV / Sales 2020 1,47x
EV / Sales 2021 1,23x
Nbr of Employees 335 000
Free-Float 11,2%
Chart ROSNEFT OIL COMPANY
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Rosneft Oil Company Technical Analysis Chart | ROSN | RU000A0J2Q06 | MarketScreener
Technical analysis trends ROSNEFT OIL COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 6,11 $
Last Close Price 6,27 $
Spread / Highest target 19,5%
Spread / Average Target -2,56%
Spread / Lowest Target -28,3%
EPS Revisions
Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Deputy Chairman
Gerhard Schroeder Chairman
Petr Ivanovich Lazarev Finance Director
Artur Matthias Warnig Deputy Chairman
Robert W. Dudley Non-Executive Director
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