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ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

Rosneft 2022 profit at $10.5bn

Rosneft annual profit in 2022 fell down 7.9 percent from 2021. (AFP)
By TRENDS Desk AFP
March 20, 2023 11:02 pm
  • Western powers have imposed sanctions against Russia due to the Ukraine war.
  • Rosneft said that the profit level forms a solid basis for paying dividends.

MOSCOW, RUSSIA – Russian state oil giant Rosneft posted a drop in its annual profit on Monday in the wake of Western sanctions against the country.

The company announced a net profit of US$10.5 billion (813 billion roubles) for last year, down 7.9 percent from 2021.

Rosneft said “non-monetary factors played a large role in determining the dynamics” of its earnings.

It added the profit level “forms a solid basis” for paying dividends.

Western powers have imposed a raft of sanctions against Russia over the conflict in Ukraine, including a price cap on its crude at the end of 2022.

In 2021, Rosneft set its record net profit of US$11.4 billion.

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