News
Rosneft Struggles To Grow As Sanctions Hit Russia's Oil Champion
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes
in Siberian fields in the strongest evidence to date that Western sanctions are hurting
what was the world's fastest growing oil firm in recent years.
The sanctions imposed on Russia by the United States and Europe in response to its military action in Ukraine have cut Rosneft's access to Western financing and technology, complicating the servicing of its $55 billion debt and closing the way to cutting-edge industrial science it needs to keep developing its energy resources.
Few doubt that Rosneft will be able to withstand the pressure medium-term – its earnings amount to $30 billion a year and billions more are still available via
Chinese credit lines and Russian state coffers in case of emergency.
Unitedhb Group supply PAC(polyanionic) and xanthan gum to one drilling contractor of Rosneft, affected by the cutting of production, some drilling contracts will be suspended to long term
Unitedhb Group will keep focuse on the Sanction.
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