- Rosneft has successfully increased production and revenue
- The Russian oil giant has also piled up huge debt from acquisitions
- CEO Igor Sechin has masterminded Rosneft’s rise with some shady deals
- The future of Russia’s oil sector depends on that of Rosneft and Mr. Sechin
Russia’s Rosneft is the largest publicly traded oil company in the world. It has a track record of huge deals with foreign energy giants, ranging from BP and ExxonMobil to China National Petroleum Corporation (CNPC). In stark contrast to its rival, Russian gas firm Gazprom, whose production has been flat, Rosneft has shown impressive output growth. In the decade from 2005 to 2015, it recorded a 152 percent increase in production. As a result, it has overtaken Gazprom in terms of market capitalization. The Kremlin has every reason to be pleased with its most favored corporate friend.