Rosneft Oil Says It Achieves Most of Its 'Rosneft-2022' Strategy Ahead of Schedule

By Anthony O. Goriainoff

Rosneft Oil Co. said Tuesday that it has achieved most of the targets set in its "Rosneft-2022" strategy by the end of 2021, ahead of schedule, and that the board has approved its "Rosneft-2030" strategy.

The Russian oil company said that the new strategy targets a reduction of greenhouse-gas emissions and will further improve its operational and financial efficiency.

The company has set a net-zero 2050 target and said that it will deliver a number of strategic targets, which include a 25% reduction in absolute emissions. The company said that as an interim target emissions will be reduced by 5% by 2025.

"New strategy supports free cash flow growth, which is expected to more than double by 2030, facilitates sustainable growth of the company's shareholder and investor value. Carbon reduction objectives confirm the company's status as a responsible energy supplier and one of the leaders in energy transition in Russia," Chief Executive Igor Sechin said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

12-21-21 0347ET