Rosneft's 2021 net income jumps to record $11.7 billion

Russian energy giant Rosneft on Friday posted its highest net profit in history, bolstered by a rapid recovery in fuel demand and a reduction in operating costs, the company said.

Rosneft’s net income in 2021 increased sixfold to a record-high of US $11.7 billion (883 billion roubles), mainly supported by aggressive return of fuel demand that had been hit by an 80 percent fall in 2020.

During the 12-month reporting period, Rosneft’s unit upstream operating costs reduced by 3.6 percent year-on-year and amounted to $2.7/boe – the lowest level in the past five years, the company said in a statement. EBITDA for 2021 of $31.13 billion was at a historic maximum, having increased by almost two times year-on-year, the company said.

“At the end of 2021, the company's Board of Directors approved the strategy Rosneft-2030: Reliable Energy and Global Energy Transition, which takes into account the current trends related to the climate agenda,” Igor Sechin, Rosneft Chairman and Chief Executive Officer, said in a statement.

“We expect that thanks to the implementation of the new strategy, Rosneft will strengthen its position on the global hydrocarbons market as a reliable producer and supplier of energy resources and at the same time minimize the impact on the environment,” he said.