Rosneft stands up in crisis and remains leader in industry

Publication of official statements for the first quarter 2015 has shown: the largest oil company in Russia and the world Rosneft, production of which exceeds the production of all OPEC countries, except Saudi Arabia, despite the payment of significant amounts of debt, feels confident. Moreover, its performances are higher than its competitors’ ones, including private companies. This once again demonstrates the complete failure of the liberal dogma that private business is inherently more efficient than the state one.

Rosneft increased its daily production of hydrocarbons by 2.1% to 5.2 million barrels of oil equivalent per day. Sales volumes of oil and oil products increased by 3.5% as compared with the previous quarter. EBITDA margin grew from 21.0 to 22.2% as compared to the same period last year, reflecting the increase in operating efficiency. The company’s total debt was reduced by 7.4%.