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Russia's national flag carrier Aeroflot is planning to add nine medium-haul A320 Neo Airbus planes for about $870 million to its fleet next year, procurement documents show. The plan includes leasing six Airbus A320-251N for 12 years - the bidding process for which was launched on Monday - and three A321-251NX jets. Aeroflot has 367 aircraft in its fleet, including 248 medium-haul A320 and Boeing 737 jets.
Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft and the country's biggest producer Rosneft. Transneft curbed oil intake from Yuganskneftegaz, Rosneft's main upstream unit, the oil producer said, hurting production that has already been depressed by an oil contamination crisis.
Russian state-owned pipeline monopoly Transneft criticised oil producer Rosneft on Monday, alleging it had dragged its feet over quality controls and making unsubstantiated damages claims. Transneft said that Rosneft had been unwilling to help resolve a contaminated oil crisis in the Russian Druzhba export pipeline which began in late April, and that the oil producer was seeking compensation from it without any grounds. Rosneft said that it had read Transneft's statement with "regret" and "bewilderment".
Russia’s largest oil producer Rosneft is in talks with the government for possible compensation for losses in case OPEC and its Russia-led non-OPEC partners decide to extend the production cut deal through the end of the year
Russian airline Aeroflot has scaled back the number of Sukhoi Superjet 100 flights it operates after one of its planes made a crash-landing last month, killing 41 people, according to data provided by a flight tracking website. Flightradar24 data shows Aeroflot has also at times substituted Airbus or Boeing planes for the Superjet, the first new passenger jet developed in Russia since the Soviet Union collapsed. Fallout from the crash risks undermining the aircraft's reputation at a time when Russia is promoting another domestically made passenger plane, the M-21, as a rival to Boeing and Airbus.
Russian oil producer Rosneft said on Monday its net income and oil production rose in the first quarter as it ramped up output at both mature and new fields and capitalised on favourable foreign currency rates. The Kremlin-controlled firm, headed by Igor Sechin, a close ally of President Vladimir Putin, also said Venezuela had continued cutting its debt to the company and that its dealings with the Latin American country had not breached U.S. sanctions. Rosneft's shares were up 1.9% to 421.9 roubles apiece after the results, outperforming the wider Russian stock market.
Ford Motor Co's Russian joint venture Ford Sollers will close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market, resulting in charges of about $450 million to $500 million. The move is part of a restructuring that will see Russia's Sollers assume control of the venture, which is currently led by the U.S. automaker, the companies said in a statement on Wednesday. Industry sources told Reuters this month that Ford was considering closing Russian plants as it was reviewing operations in unprofitable regions.
Reuters estimates that after sinking more than $9 billion into Venezuela in loans, acquisitions and project spending since 2010, Rosneft, which is majority owned by the Russian state, has yet to show a profit. At the end of 2018, Rosneft had spent approximately $1.5 billion more in Venezuela than it had earned in the form of oil allocated to it as dividends, according to Reuters' calculations. This figure is reached by calculating the value of oil Rosneft received from its joint venture projects and subtracting from that outstanding loans Rosneft issued to PDVSA, official payments Rosneft made to Venezuela for access to oil fields, Rosneft capital expenditure on the ventures, and the cost of extracting Rosneft's share of the oil.
At the end of 2015, managers at Rosneft, the Russian state-controlled oil firm, sounded the alarm to their bosses about the company's investments in Venezuela. Rosneft's local partner, Venezuelan state oil company PDVSA, owed it hundreds of millions of dollars, according to internal documents, and there seemed no prospect things would get better. "It will be like this for eternity," a Rosneft internal auditor wrote in an email to a colleague in November 2015, complaining there was no progress in getting PDVSA to explain a $700 million hole in the balance sheet of a joint venture.
Russia's top oil producer Rosneft said on Tuesday that U.S. statements that it had violated U.S. sanctions in its Venezuela activities were "groundless accusations". Pompeo said this week Rosneft was defying U.S. sanctions by buying oil from Venezuelan state oil firm PDVSA. Rosneft said it was not involved in politics and was conducting "purely commercial operations" in line with international law.
Russia's Rosneft is postponing an upgrade of hydrocracking units at five of its refineries, meaning the company will continue paying higher export taxes on the heavy products they produce, three sources told Reuters on Thursday. Russia embarked on a multibillion modernisation of its biggest refineries in 2011 following a fuel shortage crisis. The sources did not say why Rosneft was pushing back the schedule.
MOSCOW/LONDON (Reuters) - Rosneft is opening a trading arm in Singapore as part of a pivot to Asia, the world's biggest and fastest-growing energy-consuming region, where the Russian state oil major plans to manage new projects and boost oil sales. Six sources familiar with Rosneft's strategy told Reuters the arm, Rosneft Singapore, had been registered at the end of 2018 and that several employees would relocate from Moscow during the spring and summer of 2019. The office will likely be run by Andrey Bogatenkov, currently the first deputy head of crude and product exports for Rosneft in Moscow, three of the six sources said.
Ford Motor Co is considering closing two plants in Russia as part of its global plan to restructure operations in unprofitable regions, three industry sources told Reuters. If the closures go ahead, Ford would probably produce only light commercial vehicles in Russia, two sources said. After running up fourth-quarter losses in all regions outside North America, Ford is making cuts in Europe, closing down vehicle lines in South America and laying off thousands of workers in China.
Russia's largest oil company could take over and renovate a ruined palace once used by the tsars, under draft legislation provisionally backed on Tuesday by lawmakers. Rosneft, which is headed by Igor Sechin, a close ally of President Vladimir Putin, has long sought to rent the Ropsha Palace southwest of St Petersburg as part of a long-term deal. The once lavish palace, set in parkland, served as a residence for Russia's imperial Romanov dynasty before the 1917 Bolshevik Revolution and was later nationalised.
The Qatari sovereign wealth fund's acquisition of a stake in Russia's Rosneft sets the stage for collaboration between the Russian oil major and Qatar Petroleum, Doha's ambassador to Moscow said in an interview with Reuters. The Qatar Investment Authority (QIA) became a shareholder in Rosneft following the Russian state-controlled oil giant's privatisation in late 2016, and now holds a 19 percent stake. Qatar's ambassador to Russia, Fahad bin Mohamed Al-Attiyah, said QIA's stake opened the door to cooperation between Rosneft and Qatar Petroleum in projects around the world.
MOSCOW (Reuters) - Russian President Vladimir Putin will meet BP's (BP.L) chief executive Robert Dudley in Moscow on Thursday, Kremlin spokesman Dmitry Peskov told reporters. BP holds a 19.75 stake in ...
Russia's largest oil producer Rosneft said on Tuesday the political upheaval in Venezuela was only temporary, while the country had cut its debt, and expected its own total oil output to grow in 2019. Kremlin-controlled Rosneft's operations in Venezuela have come into focus as the country has plunged into political turmoil and the United States imposed sanctions on state oil company PDVSA last week. PDVSA is paying debt back to Rosneft via oil supplies.
Russian oil producer Rosneft said on Tuesday that Venezuela has been servicing its debts to the company on time. Rosneft's operations in Venezuela have come into focus as the country has been plunged into political turmoil and the United States imposed sanctions on state oil company PDVSA last week. Rosneft said earlier on Tuesday that the principal amount of debt owed to it by PDVSA stood at $2.3 billion (1.8 billion pounds) at the end of the fourth quarter, down from $3.1 billion at the end of the previous three months.