Sechin appreciated Rosneft's contribution to tax revenues to the budget

Rosneft became the largest taxpayer of the Russian Federation by the results of 2024, having transferred over 6.1 trillion rubles to the budget. This was stated by the head of the company, Igor Sechin, commenting on a previously published report prepared in accordance with International Financial Reporting Standards (IFRS).

"Rosneft is the country's largest taxpayer. The volume of taxes and other payments paid by the Company to the consolidated budget of the Russian Federation in 2024 exceeded 6.1 trillion rubles. This is the maximum value not only in the company's history, but also in the Russian market as a whole," Igor Sechin noted.

At the same time, the head of Rosneft pointed out the objective difficulties facing the company and the Russian business as a whole.

"The net profit of the company's shareholders decreased compared to last year due to the influence of non—monetary factors, the main of which is the revaluation of tax liabilities due to an increase in the income tax rate to 25% from 2025. In accordance with the requirements of IFRS, this led to the recalculation of deferred tax with a negative effect on profits of 0.24 trillion rubles. At the same time, the effective implementation and refinement of the development parameters of a number of our key projects have significantly reduced the negative impact of these innovations," said Sechin.

He also noted other factors that affected profits.

"Additional pressure on the net profit indicator was exerted by a significant increase in the key interest rate. In particular, the company's interest expenses on loans and borrowings increased 1.5 times in 2024. I should note that the Bank of Russia maintains a very high real interest rate in the economy: in the last two years it has been the highest in the world," Sechin concluded.

The head of Rosneft also drew attention to the fact that Rosneft is far ahead of most international oil and gas companies in terms of revenue growth over the year. For example, Shell's revenue fell by 10.3% last year, Chevron decreased by 2%, Exxon increased by only 1.3%, Equinor showed a decrease of 4%, and Total fell by 9.6%.