Russian oil giant Rosneft fears that a few more months of war in Ukraine could cause lasting damage to its business, Bloomberg reports — Meduza

Rosneft officials fear that a few more months of war in Ukraine could cause lasting damage to the company’s business, Bloomberg reported, citing sources.

The company’s finances are deteriorating as profits decline and debt rises, Bloomberg’s sources said, despite hopes that the war in the Middle East would boost its profits.

Rosneft suffered significant damage following Ukrainian strikes on its oil refineries. The company operates 12 refineries which represent approximately a third of Russia’s total refining capacity. According to Bloomberg’s tally, five of the 15 confirmed drone strikes against Russian refineries in September alone targeted Rosneft facilities that supply fuel to European Russia.

The Ryazan refinery, which has been attacked several times, is among the hardest hit. The Syzran refinery has spent most of the past six months either completely shut down or operating at less than a third of its capacity. The Tuapse refinery has been shut down since April.

Bloomberg reported that Rosneft managed to restart some refineries weeks after an attack, only to have them hit again once repairs were complete or nearly complete. The constant need for repairs is driving costs to levels that cannot be sustained in the long term, the outlet’s sources said. As a result, they said, some factories have deliberately slowed down repairs, stretching work that would normally take a few days into weeks.