Rosneft reported a 79-percent drop in 2020 net profits to $2.2 billion (147 billion rubles), with its fourth-quarter result hitting a record high after a loss in the third quarter. The company said its free cash flow had remained positive for the ninth year in a row in 2020 despite the challenging demand situation on global oil markets. It also boasted a decline in production costs to $2.6 per barrel of oil equivalent in the fourth quarter of the year. “The pandemic of new coronavirus infection led to an unprecedented drop in crude oil demand,”…
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