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    BANE   RU0007976957

PUBLIC JOINT STOCK OIL COMPANY BASHNEFT

(BANE)
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FSU OGM: Russian oil inches up, Rosneft sues media

03/09/2021 | 09:41am EST

Russian crude oil and condensate supply inched down 0.8% month on month in February, preliminary data from the country’s energy ministry shows, primarily owing to a decline at fields controlled by state-owned Rosneft and its subsidiary Bashneft.

National production averaged 10.054mn barrels per day (bpd) during the month, which also marked a 10.6% drop year on year. Russia and other OPEC+ members committed to record supply cuts last April to offset coronavirus' (COVID-19) impact on oil prices. But they have gradually been bringing back supply since then.

Supply at Bashneft, a mid-sized oil company bought by Rosneft in 2016, slumped 17.8% in February to 190,000 bpd. This was barely above half what the Bashkortostan-based firm produced in February last year. Output from Rosneft, excluding Bashneft contributions, averaged 3.39mn bpd, down 1.5% m/m and 12.6% y/y.

These losses were offset by gains at Lukoil, Surgutneftegaz, Gazprom Neft and Tatneft fields. Output at Lukoil amounted to 1.447mn bpd, up 1.4% m/m, while Surgutneftegaz’s extraction rate increased by 0.7% from January to 1.064mn bpd. Gazprom Neft lifted 792,000 bpd of oil, up 2% m/m, while Tatneft flowed 523,000 bpd, up 1% m/m.

Meanwhile, Rosneft has reportedly filed lawsuits in Moscow against Russian news outlets Novaya Gazeta and IStories for unknown reasons, as well as US media group Bloomberg, RIA Novosti reported on March 3.

RIA was citing filings on the website of the Moscow arbitration court. The statements of claim referred to the “establishment of facts of legal significance,” according to the news agency.

If you’d like to read more about the key events shaping the former Soviet Union’s oil and gas sector then please click here for NewsBase’s FSU Monitor.

©2021 bne IntelliNews , source Magazine

Stocks mentioned in the article
ChangeLast1st jan.
PUBLIC JOINT STOCK OIL COMPANY BASHNEFT 0.21% 1404 End-of-day quote.-15.45%
ROSNEFT OIL COMPANY 3.01% 7.872 Delayed Quote.35.50%
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Financials (USD)
Sales 2021 12 544 M - -
Net income 2021 2 206 M - -
Net Debt 2021 1 082 M - -
P/E ratio 2021 -
Yield 2021 5,02%
Capitalization 3 207 M 3 221 M -
EV / Sales 2021 0,34x
EV / Sales 2022 0,36x
Nbr of Employees -
Free-Float 16,5%
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Technical analysis trends PUBLIC JOINT STOCK OIL COMPANY BASHNEFT
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 18,89 $
Average target price 29,50 $
Spread / Average Target 56,2%
Managers and Directors
Khasan Tatriev President & Chief Executive Officer
Sergey Vyacheslavovich Lobachev CFO, Vice President-Economics & Finance
Pavel Sergeyevich Fedorov Chairman
Yevgeniy Aleksandrovich Guryev Non-Executive Director
Farkhad Astanovich Samedov Director
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