Russian oil giant Rosneft fears just a few more months of war in Ukraine could inflict lasting damage on its business, Bloomberg reports

Russian oil corporation Rosneft expresses worry that the ongoing conflict in Ukraine could inflict significant, lasting harm on its operations, according to Bloomberg citing unnamed sources. The company’s financial situation is worsening, with profits declining and debt mounting, despite forecasts of potential earnings gains from the Middle East war, sources told Bloomberg.

Ukrainian missile strikes have inflicted substantial damage on Rosneft’s oil refineries. The firm operates twelve refineries, representing roughly a third of Russia’s total refining capability. Bloomberg’s count indicates that five of the fifteen confirmed drone strikes on Russian refineries in September alone targeted Rosneft facilities supplying fuel to European Russia.

The Ryazan refinery, which has been repeatedly attacked, is among the most severely impacted. The Syzran refinery has been either completely shut down or operating at less than a third of its capacity for the past six months. The Tuapse refinery has been offline since April. Rosneft has managed to restart some refineries shortly after an attack, but they often face subsequent strikes once repairs are completed or nearly finished.

The constant requirement for repairs is driving expenses to unsustainable levels, sources told Bloomberg. Some plants have opted to deliberately prolong repairs, stretching work that typically lasts a few days into weeks. At Meduza, we uphold transparency regarding our use of artificial intelligence in our newsroom. The article you are reading was authored by one of our human journalists and translated from Russian utilizing an AI model adhering to our stringent editorial standards.

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