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Category: Energy

  • MIL-OSI: OMS Energy Technologies Inc. to Share Strategic Insights at the Third Annual ORY APAC-US Conference on Long-Term Growth

    Source: GlobeNewswire (MIL-OSI)

    OMS CEO How Meng Hock to Join Leadership Panel on July 8 at 10:20 a.m.

    SINGAPORE, July 03, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (Nasdaq: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced that its CEO Mr. How Meng Hock will join a leadership panel at the Third Annual ORY APAC-US Conference, taking place on July 8–9, 2025, in Singapore.

    Mr. How will participate in the opening panel session, titled “The Long Game: Building Businesses with Staying Power,” where he will share insights on navigating economic cycles, fostering a resilient corporate culture and delivering sustainable long-term value.

    Founded in 1972, OMS has grown into a trusted regional partner serving key energy markets across Asia Pacific, the Middle East and North Africa (MENA), and West Africa. Mr. How has led the Company as CEO since 2014 and oversaw its successful Nasdaq listing in May 2025. Following the IPO, OMS continues to accelerate its growth, supported by strong operational capabilities and a commitment to engineering excellence. The Company remains focused on deepening its long-standing customer relationships and investing in advanced manufacturing and R&D to drive innovation, efficiency and sustainable growth, all while maintaining an exceptional corporate culture.

    Ortoli Rosenstadt LLP and the Nasdaq Stock Market co-host the conference. It serves as a platform for global collaboration and dialogue on innovation and capital market strategy, bringing together financial professionals, investors and corporate leaders for two days of high-level discussions and strategic networking in one of Asia’s premier financial hubs.

    About OMS Energy Technologies Inc.

    OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

    For more information, please visit ir.omsos.com.

    For investor and media inquiries, please contact:

    OMS Energy Technologies Inc.
    Investor Relations
    Email: ir@omsos.com

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: oms@thepiacentegroup.com

    Hui Fan
    Tel: +86-10-6508-0677
    Email: oms@thepiacentegroup.com

    The MIL Network –

  • MIL-OSI: OMS Energy Technologies Inc. to Share Strategic Insights at the Third Annual ORY APAC-US Conference on Long-Term Growth

    Source: GlobeNewswire (MIL-OSI)

    OMS CEO How Meng Hock to Join Leadership Panel on July 8 at 10:20 a.m.

    SINGAPORE, July 03, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (Nasdaq: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced that its CEO Mr. How Meng Hock will join a leadership panel at the Third Annual ORY APAC-US Conference, taking place on July 8–9, 2025, in Singapore.

    Mr. How will participate in the opening panel session, titled “The Long Game: Building Businesses with Staying Power,” where he will share insights on navigating economic cycles, fostering a resilient corporate culture and delivering sustainable long-term value.

    Founded in 1972, OMS has grown into a trusted regional partner serving key energy markets across Asia Pacific, the Middle East and North Africa (MENA), and West Africa. Mr. How has led the Company as CEO since 2014 and oversaw its successful Nasdaq listing in May 2025. Following the IPO, OMS continues to accelerate its growth, supported by strong operational capabilities and a commitment to engineering excellence. The Company remains focused on deepening its long-standing customer relationships and investing in advanced manufacturing and R&D to drive innovation, efficiency and sustainable growth, all while maintaining an exceptional corporate culture.

    Ortoli Rosenstadt LLP and the Nasdaq Stock Market co-host the conference. It serves as a platform for global collaboration and dialogue on innovation and capital market strategy, bringing together financial professionals, investors and corporate leaders for two days of high-level discussions and strategic networking in one of Asia’s premier financial hubs.

    About OMS Energy Technologies Inc.

    OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

    For more information, please visit ir.omsos.com.

    For investor and media inquiries, please contact:

    OMS Energy Technologies Inc.
    Investor Relations
    Email: ir@omsos.com

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: oms@thepiacentegroup.com

    Hui Fan
    Tel: +86-10-6508-0677
    Email: oms@thepiacentegroup.com

    The MIL Network –

  • MIL-OSI: Axi launches ‘Trading Places’ campaign with Manchester City Women stars

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, July 03, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi has launched their new campaign, ‘Trading Places’ with Manchester City Women. Hosted by Sports Broadcaster and Manchester City presenter, Natalie Pike, the ‘Trading Places’ campaign features Man City Women stars as they step out of their comfort zones, and compete against one another in new roles.

    Axi is the Official Online Trading Partner of Manchester City since 2020, extending their contract in 2023 to include Manchester City Women. Last year, the broker launched ‘The Mentality Edge’, their first player activation with Manchester City Women. This year, Manchester City Women stars Katie Startup, Leila Ouahabi, and Naomi Layzell compete in a head-to-head showdown across a series of challenges such as tower building and cake decorating.

    Hannah Hill, Head of Brand and Sponsorship at Axi, expressed her enthusiasm for their new campaign, stating, “As with every year, working with the Man City Women players was really exciting. Their natural chemistry, both on and off the pitch, brings incredible energy to everything we create together. Like Axi, Man City Women always push for that extra edge – and that shared commitment to excellence makes for a great partnership.”

    In 2025, Axi has had a busy year as the company remains committed to its sponsorship portfolio. In March, the broker proudly launched their ‘Four Years’ campaign – a celebration of four years of collaboration and shared achievements with Manchester City. Further to the above, Axi is also the Official LATAM Online Trading Partner of LaLiga club, Girona FC, and the Official Online Trading Partner of Brazilian club, Esporte Clube Bahia.

    https://www.youtube.com/watch?v=1LcNe7N7pG0&list=PLd10IG9ySzExfUBmpEOojnwf5huwQpsBn&pp=gAQB

    About Axi

    Axi is a global online FX and CFD trading brand, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    Promoted by AxiTrader Ltd. OTC derivatives carry a high risk of investment loss. Not available to AU, NZ, UK & EU residents. Not intended as investment advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15efa0ec-f975-4882-9d0d-f1e0b7fa9486

    The MIL Network –

  • MIL-OSI Submissions: Moon mining is getting closer to reality: Why we need global rules for extracting space resources

    Source: The Conversation – Canada – By Martina Elia Vitoloni, DCL Candidate Air and Space Law, McGill University

    Mountains on the moon as seen by NASA Lunar Reconnaissance Orbiter. (NASA/GSFC/Arizona State University)

    In science-fiction stories, companies often mine the moon or asteroids. While this may seem far-fetched, this idea is edging closer to becoming reality.

    Celestial bodies like the moon contain valuable resources, such as lunar regolith — also known as moon dust — and helium-3. These resources could serve a range of applications, including making rocket propellant and generating energy to sustaining long missions, bringing benefits in space and on Earth.

    The first objective on this journey is being able to collect lunar regolith. One company taking up this challenge is ispace, a Japanese space exploration company ispace that signed a contract with NASA in 2020 for the collection and transfer of ownership of lunar regolith.

    The company recently attempted to land its RESILIENCE lunar lander, but the mission was ultimately unsuccessful. Still, this endeavour marked a significant move toward the commercialization of space resources.

    These circumstances give rise to a fundamental question: what are the legal rules governing the exploitation of space resources? The answer is both simple and complex, as there is a mix of international agreements and evolving regulations to consider.

    What does the international legal system say?

    The cornerstone legal instrument for space activity is the Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies, more commonly referred to as the Outer Space Treaty.

    While space law is often considered a novel legal field, the Outer Space Treaty dates back to 1967, making it more than half a century old.



    Read more:
    Space exploration should aim for peace, collaboration and co-operation, not war and competition

    Space activities have exponentially evolved since the treaty’s adoption. In the 60 years following the launch of Sputnik 1 — the first satellite placed in orbit — less than 500 space objects were launched annually. But since 2018, this number has risen into the thousands, with nearly 3,000 launched in 2024.

    Because of this, the treaty is often judged as inadequate to address the current complexities of space activities, particularly resource exploitation.

    A longstanding debate centres on whether Article II of the treaty, which prohibits the appropriation of outer space — including the moon and other celestial bodies — also prohibits space mining.

    The prevailing position is that Article II solely bans the appropriation of territory, not the extraction of resources themselves.

    We are now at a crucial moment in the development of space law. Arguing over whether extraction is legal serves no purpose. Instead, the focus must shift to ensuring resource extraction is carried out in accordance with principles that ensure the safe and responsible use of outer space.

    International and national space laws

    A significant development in the governance of space resources has been the adoption Artemis Accords, which — as of June 2025 — has 55 signatory nations. The accords reflect a growing international consensus concerning the exploitation of space resources.

    Notably, Section 10 of the accords indicates that the exploitation of space resources does not constitute appropriation, and therefore doesn’t violate the Outer Space Treaty.

    Considering the typically slow pace of multilateral negotiations, a handful of nations introduced national legislation. These laws govern the legality of space resource exploitation, allowing private companies to request licenses to conduct this type of activity.

    To date, six nations have enacted this type of legislation: the United States in 2015, Luxembourg in 2017, the United Arab Emirates in 2019, Japan in 2021, Brazil in 2024 and most recently, Italy, which passed its law on June 11, 2025.

    Among these, Luxembourg’s legal framework is the most complete. It provides a series of requirements to provide authorization for the exploitation of space resources. In fact, ispace’s licence to collect lunar regolith was obtained under this regime.

    This first high-resolution image taken on the first day of the Artemis I mission by a camera on the tip of one of Orion’s solar arrays. The spacecraft was 57,000 miles from Earth when the image was captured.
    (NASA)

    The rest of the regulations usually tend to limit themselves to proclaiming the legality of this activity without entering into too much detail and deferring the specifics of implementation to future regulations.

    While these initiatives served to put space resources at the forefront of international forums, they also risk regulatory fragmentation, as different countries adopt varying standards and approaches.

    What does the future hold?

    Recognizing the need for a co-ordinated global approach, the United Nations Committee on Peaceful Uses of Outer Space created a Working Group on Legal Aspects of Space Resource Activities. Its mandate is to develop a set of general principles to guide the development of the activity.

    In May 2025, the chair of the working group, Steven Freeland, presented a draft of recommended principles based on input from member states.

    These principles reaffirm the freedom of use and exploration of outer space for peaceful purposes, while introducing rules pertaining to the safety of the activities and their sustainability, as well as the protection of the environment, both of Earth and outer space.

    The development of a legal framework for space resources is still in its early stages. The working group is expected to submit its final report by 2027, but the non-binding nature of the principles raises concerns about their enforcement and application.

    As humanity moves closer to extracting and using space resources, the need for a cohesive and responsible governance system has never been greater.

    Martina Elia Vitoloni does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Moon mining is getting closer to reality: Why we need global rules for extracting space resources – https://theconversation.com/moon-mining-is-getting-closer-to-reality-why-we-need-global-rules-for-extracting-space-resources-259343

    MIL OSI –

  • MIL-OSI Submissions: The US and Israel’s attack may have left Iran stronger

    Source: The Conversation – UK – By Bamo Nouri, Honorary Research Fellow, City St George’s, University of London

    Israel’s attack on Iran last month and the US bombing of the country’s nuclear facilities, the first-ever direct US attacks on Iranian soil, were meant to cripple Tehran’s strategic capabilities and reset the regional balance.

    The strikes came after 18 months during which Israel had effectively dismantled Hamas in Gaza, dealt a devastating blow to Hezbollah in Lebanon, weakened the Houthis in Yemen, and seen the collapse of the Assad regime in Syria – a longstanding and key Iranian ally.

    From a military standpoint, these were remarkable achievements. But they failed to deliver the strategic outcome Israeli and US leaders had long hoped for: the collapse of Iran’s influence and the weakening of its regime.

    Instead, the confrontation exposed a deeper miscalculation. Iran’s power isn’t built on impulse or vulnerable proxies alone. It is decentralised, ideologically entrenched and designed to endure. While battered, the Islamic Republic did not fall. And now, it may be more determined – and more dangerous – than before.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Israel’s attack – dubbed “operation rising lion” – began with attacks on Iranian radar systems, followed by precision airstrikes on Iranian enrichment facilities and senior military officers and scientists. Israel spent roughly US$1.45 (£1.06 billion) billion in the first two days and in the first week of strikes on Iran, costs hit US$5 billion, with daily spending at US$725 million: US$593 million on offensive operations and US$132 million on defence and mobilization.

    Iran’s response was swift. More than 1,000 drones and 550 ballistic missiles, including precision-guided and hypersonic variants. Israeli defences were breached. Civilian infrastructure was hit, ports closed, and the economy stalled

    The day after the US strikes, the Israeli prime minister, Benjamin Netanyahu, spoke with Donald Trump about a ceasefire. He and his generals were reportedly keen to bring the conflict to a speedy end. Reports suggest that Netanyahu wanted to avoid a lengthy war of attrition that Israel could not sustain, and was already looking for an exit strategy.

    Crucially, the Iranian regime remained intact. Rather than inciting revolt, the war rallied nationalist sentiment. Opposition movements remain fractured and lack a common platform or domestic legitimacy. Hopes of a popular uprising that might topple the regime expressed by both Trump and Netanyahu were misplaced.

    In the aftermath, Iranian authorities launched a sweeping crackdown on suspected dissenters and what it referred to as “spies”. Former activists, reformists and loosely affiliated protest organisers were arrested or interrogated. What was meant to fracture the regime instead reinforced its grip on power.

    Most notably, Iran’s parliament voted to suspend cooperation with the International Atomic Energy Agency (IAEA), ending inspections and giving Tehran the freedom to expand its nuclear programme – both civilian and potentially military – without oversight.

    Perhaps the clearest misreading came from Israel and the US treating Syria as a template. The 2024 fall of Bashar al-Assad was hailed as a turning point. His successor, Ahmed al-Sharaa – a little-known opposition figure, former al-Qaeda insurgent and IS affiliate – was rebranded as a pragmatic reformer, who Trump praised as “attractive” and “tough”.

    For western and Israeli strategists, Syria offered both a way to weaken Iran and a blueprint of how eventual regime change could play out: collapse the regime, install cooperative leadership in a swift reordering process. But this analogy was dangerously flawed. Iran’s stronger institutions, military depth, resistance-driven identity and existence made it a fundamentally different and more resilient state.

    Tactical wins, strategic ambiguity

    While Iran’s regional network has taken significant hits over the past year –Hamas dismantled, Hezbollah degraded, the Houthis depleted, and the Assad regime toppled – Tehran recalibrated. It deepened military cooperation with Russia and China, secured covert arms shipments, and accelerated its nuclear ambitions.

    Both Israel and Iran, however, came away with new intelligence. Israel learned that its missile defences and economic resilience were not built for prolonged, multi-front warfare. Iran, meanwhile, gained valuable insight into how far its arsenal – drones, missiles and regional proxies – could reach, and where its limits lie.

    Most of Iran’s drones and missiles were intercepted — up to 99% in the cases of drones — exposing critical weaknesses in accuracy, penetration, and survivability against modern air defenses. Yet the few that did break through caused significant damage in Tel Aviv, striking residential areas and critical infrastructure.

    This war was not only a clash of weapons but a real-time stress test of each side’s strategic depth. Iran may now adjust its doctrine accordingly – prioritising survivability, mobility and precision in anticipation of future conflicts.

    Israel’s vulnerabilities

    Internally, Israel entered the war politically fractured and socially strained. Netanyahu’s far-right coalition was already under fire for attempting to weaken judicial independence. The war has temporarily united the country, but the economic and human toll have reignited deeper concerns.

    Israel’s geographic and demographic constraints have become clear. Its high-tech economy, tightly integrated with global markets, could not weather prolonged instability. And critically, the damage inflicted by the US bombing was more limited than hoped for. While Washington joined in the initial strikes, it resisted deeper involvement, partly to avoid broader regional escalation and largely because of the lack of domestic appetite for war and high potential for energy inflation, if Iran was to close the Strait of Hormuz.

    What happens now?

    The war of 2025 did not produce peace. It produced recalibration. Israel emerges militarily capable but politically shaken and economically strained. Iran, though damaged, stands more unified, with fewer international constraints on its nuclear ambitions. Its crackdown on dissent, withdrawal from IAEA oversight, and deepening ties to rival powers suggest a regime preparing not for collapse, but for survival, perhaps even confrontation.

    The broader lesson is sobering. Regime change cannot be engineered through precision strikes. Tactical brilliance does not guarantee strategic victory. And the assumption that Iran could unravel like Syria was not strategy, it was hubris.

    Both sides now better understand each other’s strengths and limits, a clarity that could deter future war – or make the next one more dangerous. In a region shaped by trauma and shifting power, mistaking resistance for weakness or pause for peace remains the gravest miscalculation.

    Bamo Nouri does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The US and Israel’s attack may have left Iran stronger – https://theconversation.com/the-us-and-israels-attack-may-have-left-iran-stronger-260314

    MIL OSI –

  • MIL-OSI Submissions: ‘Gas station heroin’: the drug sold as a dietary supplement that’s linked to overdoses and deaths

    Source: The Conversation – UK – By Michelle Sahai, Computational Biochemist, Brunel University of London

    US Food and Drug Administration, Office of Regulatory Affairs, Health Fraud Branch

    The US Food and Drug Administration (FDA) has issued an urgent warning about tianeptine – a substance marketed as a dietary supplement but known on the street as “gas station heroin”.

    Linked to overdoses and deaths, it is being sold in petrol stations, smoke shops and online retailers, despite never being approved for medical use in the US.

    But what exactly is tianeptine, and why is it causing alarm?

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Tianeptine was developed in France in the 1960s and approved for medical use in the late 1980s as a treatment for depression.

    Structurally, it resembles tricyclic antidepressants – an older class of antidepressant – but pharmacologically it behaves very differently. Unlike conventional antidepressants, which typically increase serotonin levels, tianeptine appears to act on the brain’s glutamate system, which is involved in learning and memory.

    It is used as a prescription drug in some European, Asian and Latin American countries under brand names like Stablon or Coaxil. But researchers later discovered something unusual, tianeptine also activates the brain’s mu-opioid receptors, the same receptors targeted by morphine and heroin – hence it’s nickname “gas station heroin”.

    As a prescription drug, tianeptine is sold under various brand names, including Stablon.
    Wikimedia Commons

    At prescribed doses, the effect is subtle, but in large amounts, tianeptine can trigger euphoria, sedation and eventually dependence. People chasing a high might take doses far beyond anything recommended in medical settings.

    Despite never being approved by the FDA, the drug is sold in the US as a “wellness” product or nootropic – a substance supposedly used to enhance mood or mental clarity. It’s packaged as capsules, powders or liquids, often misleadingly labelled as dietary supplements.

    This loophole has enabled companies to circumvent regulation. Products like Neptune’s Fix have been promoted as safe and legal alternatives to traditional medications, despite lacking any clinical oversight and often containing unlisted or dangerous ingredients.

    Some samples have even been found to contain synthetic cannabinoids and other drugs. According to US poison control data, calls related to tianeptine exposure rose by over 500% between 2018 and 2023. In 2024 alone, the drug was involved in more than 300 poisoning cases. The FDA’s latest advisory included product recalls and import warnings.

    Users have taken to the social media site Reddit, including a dedicated channel, and other forums to describe their experiences, both the highs and the grim withdrawals. Some report taking hundreds of pills a day. Others struggle to quit, describing cravings and relapses that mirror those seen with classic opioid addiction.

    Since tianeptine doesn’t show up in standard toxicology screenings, health professionals may not recognise it. According to doctors in North America, it could be present in hospital patients without being detected, particularly in cases involving seizures or unusual heart symptoms.

    People report experiencing withdrawal symptoms that resemble those of opioids, like fentanyl, including anxiety, tremors, insomnia, diarrhoea and muscle pain. Some have been hospitalised due to seizures, loss of consciousness and respiratory depression.

    UK legality

    In the UK, tianeptine is not licensed for medical use by the Medicines and Healthcare products Regulatory Agency and it is not classified as a controlled substance under the Misuse of Drugs Act 1971. That puts it in a legal grey area, not formally approved, but not illegal to possess either.

    It can be bought online from overseas vendors, and a quick search reveals dozens of sellers offering “research-grade” powder and capsules.

    There is little evidence that tianeptine is circulating widely in the UK; to date, just one confirmed sample has been publicly recorded in a national drug testing database. It’s not mentioned in recent Home Office or Advisory Council on the Misuse of Drugs briefings, and it does not appear in official crime or hospital statistics.

    But that may simply reflect the fact that no one is looking for it. Without testing protocols in place, it could be present, just unrecorded.

    Because of its chemical structure and unusual effects, if tianeptine did show up in a UK emergency department, it could easily be mistaken for a tricyclic antidepressant overdose, or even dismissed as recreational drug use. This makes it harder to diagnose and treat appropriately.

    It’s possible, particularly among people seeking alternatives to harder-to-access opioids, or those looking for a legal high. With its low visibility, online availability and potential for addiction, tianeptine ticks many of the same boxes that once made drugs like mephedrone or spice popular before they were banned.

    The UK has seen waves of novel psychoactive substances emerge through similar routes, first appearing online or in head shops, then spreading quietly until authorities responded. If tianeptine follows the same path, by the time it appears on the radar, harm may already be underway.

    Michelle Sahai does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Gas station heroin’: the drug sold as a dietary supplement that’s linked to overdoses and deaths – https://theconversation.com/gas-station-heroin-the-drug-sold-as-a-dietary-supplement-thats-linked-to-overdoses-and-deaths-259194

    MIL OSI –

  • MIL-OSI Submissions: Eco labels in South Africa don’t do the job: how to help customers make informed choices

    Source: The Conversation – Africa – By Miemie Struwig, Professor, Department of Business Management, Nelson Mandela University

    South Africans want to shop more sustainably, according to research published in the journal Sustainable Development. But most can’t tell which products are environmentally friendly.

    Some food manufacturers have introduced eco labels – a certification symbol placed on product packaging. This indicates the product meets specific environmental standards set by a third party organisation.

    These labels are meant to signal to consumers that a product has been produced in a way that limits harm to the environment. But our recent study with 108 South African consumers showed low recognition of eco labels, widespread confusion, and a need for clearer guidance.

    The results show that most South African shoppers are unfamiliar with these labels or unable to differentiate between real and fictional ones.

    In the European Union eco labels like the EU Energy Label are easily understood and highly visible. They are also usually supported by government awareness campaigns. Other examples of labelling systems that work well include those of Germany and Japan.

    These countries show that long term institutional support, mandatory labelling in key sectors, and consistent public messaging can greatly improve eco label recognition.

    We concluded from our research that South Africa lacks that national visibility and public education, leaving even motivated consumers unsure of what labels to trust. Based on our findings we recommend steps businesses, government and nonprofits can take to ensure that eco labels are clear, visible and understood.

    Eco labelling at its best

    The EU Energy Label is used on appliances such as fridges, washing machines and light bulbs to indicate their energy efficiency on a scale from A (most efficient) to G (least efficient).

    In countries like Germany and Japan, eco labels are government backed as well as being integrated into school curricula, public service announcements and shopping platforms.

    Germany’s Blue Angel label, which states “protects the environment”, has been in use since the 1970s. It appears on over 12,000 products and services, including paper goods, cleaning products, paints and electronics, that meet strict environmental criteria. It is supported by ongoing public education campaigns.

    In Japan the the Eco Mark appears on products with minimal environmental impact. It appears on items like stationery, detergents, packaging and appliances. Many retailers display explanations next to these products to help consumers understand the label.

    South Africans struggle to identify eco labels

    We conducted a structured online survey of 108 South African consumers. Participants were asked about their environmental awareness and their ability to recognise both real and fictional eco labels across ten images. According to the global directory of eco labels and environmental certification schemes, there are around 50 eco labels in South Africa.

    The EU Energy Label was the most recognised (87%).

    The Afrisco Certified Organic label, which is a legitimate South African label, was the least recognised, identified by just 22% of respondents.

    Fictional labels were mistakenly identified as real by many participants, revealing widespread confusion.

    Only 3 out of 10 labels were recognised by at least half the participants, suggesting a general lack of eco label awareness. These include the Energy Star Eco label; the EU Energy label and the Forest Stewardship council label.

    Age and employment status were significantly related to environmental awareness. Older and employed individuals showed higher levels of awareness.

    These findings suggest that consumers are not opposed to eco labels, they simply lack the knowledge and confidence to use them effectively.

    Eco labels have the potential to build brand trust, drive green purchasing behaviour, and support national sustainability goals. But they only work if consumers recognise and trust them.

    In South Africa, inconsistent use, small label size, and a lack of consumer education are holding eco labels back from achieving their purpose.

    What businesses can do

    Based on our findings, we recommend the following:

    • Use recognised and credible labels: Third-party certified labels are more trustworthy and reliable.

    • Improve label visibility: The most recognised label in our study was the EU Energy Label and was also the most prominent. Small, cluttered logos go unnoticed.

    • Educate your market: Explain what eco labels mean through packaging, marketing, and digital platforms.

    • Partner with government and NGOs: Awareness campaigns at national and community levels can help standardise eco label understanding.

    • Tailor communication efforts: Awareness efforts should consider age and employment demographics, as these affect levels of environmental engagement.

    The way forward

    South Africans are willing to support environmentally responsible products, but they need help identifying them.

    Businesses, government and nonprofits all have a role to play in making eco labels clearer, more visible, and more trustworthy.

    Eco labels must become more than symbols. They should be tools for transparency and trust, and a gateway to more sustainable shopping.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Eco labels in South Africa don’t do the job: how to help customers make informed choices – https://theconversation.com/eco-labels-in-south-africa-dont-do-the-job-how-to-help-customers-make-informed-choices-258081

    MIL OSI –

  • MIL-OSI Analysis: Eco labels in South Africa don’t do the job: how to help customers make informed choices

    Source: The Conversation – Africa – By Miemie Struwig, Professor, Department of Business Management, Nelson Mandela University

    South Africans want to shop more sustainably, according to research published in the journal Sustainable Development. But most can’t tell which products are environmentally friendly.

    Some food manufacturers have introduced eco labels – a certification symbol placed on product packaging. This indicates the product meets specific environmental standards set by a third party organisation.

    These labels are meant to signal to consumers that a product has been produced in a way that limits harm to the environment. But our recent study with 108 South African consumers showed low recognition of eco labels, widespread confusion, and a need for clearer guidance.

    The results show that most South African shoppers are unfamiliar with these labels or unable to differentiate between real and fictional ones.

    In the European Union eco labels like the EU Energy Label are easily understood and highly visible. They are also usually supported by government awareness campaigns. Other examples of labelling systems that work well include those of Germany and Japan.

    These countries show that long term institutional support, mandatory labelling in key sectors, and consistent public messaging can greatly improve eco label recognition.

    We concluded from our research that South Africa lacks that national visibility and public education, leaving even motivated consumers unsure of what labels to trust. Based on our findings we recommend steps businesses, government and nonprofits can take to ensure that eco labels are clear, visible and understood.

    Eco labelling at its best

    The EU Energy Label is used on appliances such as fridges, washing machines and light bulbs to indicate their energy efficiency on a scale from A (most efficient) to G (least efficient).

    In countries like Germany and Japan, eco labels are government backed as well as being integrated into school curricula, public service announcements and shopping platforms.

    Germany’s Blue Angel label, which states “protects the environment”, has been in use since the 1970s. It appears on over 12,000 products and services, including paper goods, cleaning products, paints and electronics, that meet strict environmental criteria. It is supported by ongoing public education campaigns.

    In Japan the the Eco Mark appears on products with minimal environmental impact. It appears on items like stationery, detergents, packaging and appliances. Many retailers display explanations next to these products to help consumers understand the label.

    South Africans struggle to identify eco labels

    We conducted a structured online survey of 108 South African consumers. Participants were asked about their environmental awareness and their ability to recognise both real and fictional eco labels across ten images. According to the global directory of eco labels and environmental certification schemes, there are around 50 eco labels in South Africa.

    The EU Energy Label was the most recognised (87%).

    The Afrisco Certified Organic label, which is a legitimate South African label, was the least recognised, identified by just 22% of respondents.

    Fictional labels were mistakenly identified as real by many participants, revealing widespread confusion.

    Only 3 out of 10 labels were recognised by at least half the participants, suggesting a general lack of eco label awareness. These include the Energy Star Eco label; the EU Energy label and the Forest Stewardship council label.

    Age and employment status were significantly related to environmental awareness. Older and employed individuals showed higher levels of awareness.

    These findings suggest that consumers are not opposed to eco labels, they simply lack the knowledge and confidence to use them effectively.

    Eco labels have the potential to build brand trust, drive green purchasing behaviour, and support national sustainability goals. But they only work if consumers recognise and trust them.

    In South Africa, inconsistent use, small label size, and a lack of consumer education are holding eco labels back from achieving their purpose.

    What businesses can do

    Based on our findings, we recommend the following:

    • Use recognised and credible labels: Third-party certified labels are more trustworthy and reliable.

    • Improve label visibility: The most recognised label in our study was the EU Energy Label and was also the most prominent. Small, cluttered logos go unnoticed.

    • Educate your market: Explain what eco labels mean through packaging, marketing, and digital platforms.

    • Partner with government and NGOs: Awareness campaigns at national and community levels can help standardise eco label understanding.

    • Tailor communication efforts: Awareness efforts should consider age and employment demographics, as these affect levels of environmental engagement.

    The way forward

    South Africans are willing to support environmentally responsible products, but they need help identifying them.

    Businesses, government and nonprofits all have a role to play in making eco labels clearer, more visible, and more trustworthy.

    Eco labels must become more than symbols. They should be tools for transparency and trust, and a gateway to more sustainable shopping.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Eco labels in South Africa don’t do the job: how to help customers make informed choices – https://theconversation.com/eco-labels-in-south-africa-dont-do-the-job-how-to-help-customers-make-informed-choices-258081

    MIL OSI Analysis –

  • MIL-OSI Global: Moon mining is getting closer to reality: Why we need global rules for extracting space resources

    Source: The Conversation – Canada – By Martina Elia Vitoloni, DCL Candidate Air and Space Law, McGill University

    Mountains on the moon as seen by NASA Lunar Reconnaissance Orbiter. (NASA/GSFC/Arizona State University)

    In science-fiction stories, companies often mine the moon or asteroids. While this may seem far-fetched, this idea is edging closer to becoming reality.

    Celestial bodies like the moon contain valuable resources, such as lunar regolith — also known as moon dust — and helium-3. These resources could serve a range of applications, including making rocket propellant and generating energy to sustaining long missions, bringing benefits in space and on Earth.

    The first objective on this journey is being able to collect lunar regolith. One company taking up this challenge is ispace, a Japanese space exploration company ispace that signed a contract with NASA in 2020 for the collection and transfer of ownership of lunar regolith.

    The company recently attempted to land its RESILIENCE lunar lander, but the mission was ultimately unsuccessful. Still, this endeavour marked a significant move toward the commercialization of space resources.

    These circumstances give rise to a fundamental question: what are the legal rules governing the exploitation of space resources? The answer is both simple and complex, as there is a mix of international agreements and evolving regulations to consider.

    What does the international legal system say?

    The cornerstone legal instrument for space activity is the Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies, more commonly referred to as the Outer Space Treaty.

    While space law is often considered a novel legal field, the Outer Space Treaty dates back to 1967, making it more than half a century old.



    Read more:
    Space exploration should aim for peace, collaboration and co-operation, not war and competition

    Space activities have exponentially evolved since the treaty’s adoption. In the 60 years following the launch of Sputnik 1 — the first satellite placed in orbit — less than 500 space objects were launched annually. But since 2018, this number has risen into the thousands, with nearly 3,000 launched in 2024.

    Because of this, the treaty is often judged as inadequate to address the current complexities of space activities, particularly resource exploitation.

    A longstanding debate centres on whether Article II of the treaty, which prohibits the appropriation of outer space — including the moon and other celestial bodies — also prohibits space mining.

    The prevailing position is that Article II solely bans the appropriation of territory, not the extraction of resources themselves.

    We are now at a crucial moment in the development of space law. Arguing over whether extraction is legal serves no purpose. Instead, the focus must shift to ensuring resource extraction is carried out in accordance with principles that ensure the safe and responsible use of outer space.

    International and national space laws

    A significant development in the governance of space resources has been the adoption Artemis Accords, which — as of June 2025 — has 55 signatory nations. The accords reflect a growing international consensus concerning the exploitation of space resources.

    Notably, Section 10 of the accords indicates that the exploitation of space resources does not constitute appropriation, and therefore doesn’t violate the Outer Space Treaty.

    Considering the typically slow pace of multilateral negotiations, a handful of nations introduced national legislation. These laws govern the legality of space resource exploitation, allowing private companies to request licenses to conduct this type of activity.

    To date, six nations have enacted this type of legislation: the United States in 2015, Luxembourg in 2017, the United Arab Emirates in 2019, Japan in 2021, Brazil in 2024 and most recently, Italy, which passed its law on June 11, 2025.

    Among these, Luxembourg’s legal framework is the most complete. It provides a series of requirements to provide authorization for the exploitation of space resources. In fact, ispace’s licence to collect lunar regolith was obtained under this regime.

    This first high-resolution image taken on the first day of the Artemis I mission by a camera on the tip of one of Orion’s solar arrays. The spacecraft was 57,000 miles from Earth when the image was captured.
    (NASA)

    The rest of the regulations usually tend to limit themselves to proclaiming the legality of this activity without entering into too much detail and deferring the specifics of implementation to future regulations.

    While these initiatives served to put space resources at the forefront of international forums, they also risk regulatory fragmentation, as different countries adopt varying standards and approaches.

    What does the future hold?

    Recognizing the need for a co-ordinated global approach, the United Nations Committee on Peaceful Uses of Outer Space created a Working Group on Legal Aspects of Space Resource Activities. Its mandate is to develop a set of general principles to guide the development of the activity.

    In May 2025, the chair of the working group, Steven Freeland, presented a draft of recommended principles based on input from member states.

    These principles reaffirm the freedom of use and exploration of outer space for peaceful purposes, while introducing rules pertaining to the safety of the activities and their sustainability, as well as the protection of the environment, both of Earth and outer space.

    The development of a legal framework for space resources is still in its early stages. The working group is expected to submit its final report by 2027, but the non-binding nature of the principles raises concerns about their enforcement and application.

    As humanity moves closer to extracting and using space resources, the need for a cohesive and responsible governance system has never been greater.

    Martina Elia Vitoloni does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Moon mining is getting closer to reality: Why we need global rules for extracting space resources – https://theconversation.com/moon-mining-is-getting-closer-to-reality-why-we-need-global-rules-for-extracting-space-resources-259343

    MIL OSI – Global Reports –

  • MIL-OSI Global: The rule of law is key to capitalism − eroding it is bad news for American business

    Source: The Conversation – USA – By Robert Bird, Professor of Business Law & Eversource Energy Chair in Business Ethics, University of Connecticut

    Something dangerous is happening to the U.S. economy, and it’s not inflation or trade wars. Chaotic deregulation and the selective enforcement of laws have upended markets and investor confidence. At one point, the threat of tariffs and resulting chaos evaporated US$4 trillion in value in the U.S. stock market. This approach isn’t helping the economy, and there are troubling signs it will hurt both the U.S. and the global economy in the short and long term.

    The rule of law – the idea that legal rules apply to everyone equally, regardless of wealth or political connections − is essential for a thriving economy. Yet globally the respect for the rule of law is slipping, and the U.S. is slipping with it. According to annual rankings from the World Justice Project, the rule of law has declined in more than half of all countries for seven years in a row. The rule of law in the U.S., the most economically powerful nation in the world, is now weaker than the rule of law in Uruguay, Singapore, Latvia and over 20 other countries.

    When regulation is unnecessarily burdensome for business, government should lighten the load. However, arbitrary and frenzied deregulation does not free corporations to earn higher profits. As a business school professor with an MBA who has taught business law for over 25 years, and the author of a recently published book about the importance of legal knowledge to business, I can affirm that the opposite is true. Chaotic deregulation doesn’t drive growth. It only fuels risk.

    Chaos undermines investment, talent and trust

    Legal uncertainty has become a serious drag on American competitiveness.

    A study by the U.S. Chamber of Commerce found that public policy risks — such as unexpected changes in taxes, regulation and enforcement — ranked among the top challenges businesses face, alongside more familiar business threats such as competition or economic volatility. Companies that can’t predict how the law might change are forced to plan for the worst. That means holding back on long-term investment, slowing innovation and raising prices to cover new risks.

    When the government enforces rules arbitrarily, it also undermines property rights.

    For example, if a country enters into a major trade agreement and then goes ahead and violates it, that threatens the property rights of the companies that relied on the agreement to conduct business. If the government can seize assets without due process, those assets lose their stability and value. And if that treatment depends on whether a company is in the government’s political favor, it’s not just bad economics − it’s a red flag for investors.

    When government doesn’t enforce rules fairly, it also threatens people’s freedom to enter into contracts.

    Consider presidential orders that threaten the clients of law firms that have challenged the administration with cancellation of their government contracts. The threat alone jeopardizes the value of those agreements.

    If businesses can’t trust public contracts to be respected, they’ll be less likely to work with the government in the first place. This deprives the government, and ultimately the American people, of receiving the best value for their tax dollars in critical areas such as transportation, technology and national defense.

    Regulatory chaos also allows corruption to spread.

    For example, the Foreign Corrupt Practices Act, which prohibits businesses from bribing foreign government officials, has leveled the playing field for firms and enabled the best American companies to succeed on their merits. Before the law was enacted in 1977, some American companies felt pressured to pay bribes to compete. “Pausing” enforcement of the law, as the current presidential administration has done, increases the cost of doing business and encourages a wild west economy where chaos thrives.

    When corruption grows, stable and democratic governments weaken, opportunities for terrorism increase and corruption-fueled authoritarian regimes, which oppose the interests of the U.S., thrive. Halting the enforcement of an anti-bribery law, even for a limited time, is an issue of national security.

    Legal uncertainty fuels brain drain

    Chaotic enforcement of the law also corrodes labor markets.

    American companies require a strong pool of talented professionals to fuel their financial success. When legal rights are enforced arbitrarily or unjustly, the very best talent that American companies need may leave the country.

    The science brain drain is already happening. American scientists have submitted 32% more applications for jobs abroad compared with last year. Nonscientists are leaving too. Ireland’s Department of Foreign Affairs has witnessed a 50% increase in Americans taking steps to obtain an Irish passport. Employers in the U.K. saw a spike in job applications from the United States.

    Business from other countries will gladly accept American talent as they compete against American companies. During the Third Reich, Nazi Germany lost its best and brightest to other countries, including America. Now the reverse is happening, as highly talented Americans leave to work for firms in other nations.

    Threats of arbitrary legal actions also drive away democratic allies and their prosperous populations that purchase American-made goods and services. For example, arbitrarily threatening to punish or even annex a closely allied nation does not endear its citizens to that government or the businesses it represents. So it’s no surprise that Canadians are now boycotting American goods and services. This is devastating businesses in American border towns and hurts the economy nationwide.

    Similarly, the Canadian government has responded to whipsawing U.S. tariff announcements with counter-tariffs, which will slice the profits of American exporters. Close American allies and trading partners such as Japan, the U.K. and the European Union are also signaling their own willingness to impose retaliatory tariffs, increasing the costs of operations to American business even more.

    Modern capitalism depends on smart regulation to thrive. Smart regulation is not an obstacle to capitalism. Smart regulation is what makes American capitalism possible. Smart regulation is what makes American freedom possible.

    Clear and consistently applied legal rules allow businesses to aggressively compete, carefully plan, and generate profits. An arbitrary rule of law deprives business of the true power of capitalism – the ability to promote economic growth, spur innovation and improve the overall living standards of a free society. Americans deserve no less, and it is up to government to make that happen for everyone.

    Robert Bird does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The rule of law is key to capitalism − eroding it is bad news for American business – https://theconversation.com/the-rule-of-law-is-key-to-capitalism-eroding-it-is-bad-news-for-american-business-254922

    MIL OSI – Global Reports –

  • MIL-OSI Submissions: The rule of law is key to capitalism − eroding it is bad news for American business

    Source: The Conversation – USA (2) – By Robert Bird, Professor of Business Law & Eversource Energy Chair in Business Ethics, University of Connecticut

    Something dangerous is happening to the U.S. economy, and it’s not inflation or trade wars. Chaotic deregulation and the selective enforcement of laws have upended markets and investor confidence. At one point, the threat of tariffs and resulting chaos evaporated US$4 trillion in value in the U.S. stock market. This approach isn’t helping the economy, and there are troubling signs it will hurt both the U.S. and the global economy in the short and long term.

    The rule of law – the idea that legal rules apply to everyone equally, regardless of wealth or political connections − is essential for a thriving economy. Yet globally the respect for the rule of law is slipping, and the U.S. is slipping with it. According to annual rankings from the World Justice Project, the rule of law has declined in more than half of all countries for seven years in a row. The rule of law in the U.S., the most economically powerful nation in the world, is now weaker than the rule of law in Uruguay, Singapore, Latvia and over 20 other countries.

    When regulation is unnecessarily burdensome for business, government should lighten the load. However, arbitrary and frenzied deregulation does not free corporations to earn higher profits. As a business school professor with an MBA who has taught business law for over 25 years, and the author of a recently published book about the importance of legal knowledge to business, I can affirm that the opposite is true. Chaotic deregulation doesn’t drive growth. It only fuels risk.

    Chaos undermines investment, talent and trust

    Legal uncertainty has become a serious drag on American competitiveness.

    A study by the U.S. Chamber of Commerce found that public policy risks — such as unexpected changes in taxes, regulation and enforcement — ranked among the top challenges businesses face, alongside more familiar business threats such as competition or economic volatility. Companies that can’t predict how the law might change are forced to plan for the worst. That means holding back on long-term investment, slowing innovation and raising prices to cover new risks.

    When the government enforces rules arbitrarily, it also undermines property rights.

    For example, if a country enters into a major trade agreement and then goes ahead and violates it, that threatens the property rights of the companies that relied on the agreement to conduct business. If the government can seize assets without due process, those assets lose their stability and value. And if that treatment depends on whether a company is in the government’s political favor, it’s not just bad economics − it’s a red flag for investors.

    When government doesn’t enforce rules fairly, it also threatens people’s freedom to enter into contracts.

    Consider presidential orders that threaten the clients of law firms that have challenged the administration with cancellation of their government contracts. The threat alone jeopardizes the value of those agreements.

    If businesses can’t trust public contracts to be respected, they’ll be less likely to work with the government in the first place. This deprives the government, and ultimately the American people, of receiving the best value for their tax dollars in critical areas such as transportation, technology and national defense.

    Regulatory chaos also allows corruption to spread.

    For example, the Foreign Corrupt Practices Act, which prohibits businesses from bribing foreign government officials, has leveled the playing field for firms and enabled the best American companies to succeed on their merits. Before the law was enacted in 1977, some American companies felt pressured to pay bribes to compete. “Pausing” enforcement of the law, as the current presidential administration has done, increases the cost of doing business and encourages a wild west economy where chaos thrives.

    When corruption grows, stable and democratic governments weaken, opportunities for terrorism increase and corruption-fueled authoritarian regimes, which oppose the interests of the U.S., thrive. Halting the enforcement of an anti-bribery law, even for a limited time, is an issue of national security.

    Legal uncertainty fuels brain drain

    Chaotic enforcement of the law also corrodes labor markets.

    American companies require a strong pool of talented professionals to fuel their financial success. When legal rights are enforced arbitrarily or unjustly, the very best talent that American companies need may leave the country.

    The science brain drain is already happening. American scientists have submitted 32% more applications for jobs abroad compared with last year. Nonscientists are leaving too. Ireland’s Department of Foreign Affairs has witnessed a 50% increase in Americans taking steps to obtain an Irish passport. Employers in the U.K. saw a spike in job applications from the United States.

    Business from other countries will gladly accept American talent as they compete against American companies. During the Third Reich, Nazi Germany lost its best and brightest to other countries, including America. Now the reverse is happening, as highly talented Americans leave to work for firms in other nations.

    Threats of arbitrary legal actions also drive away democratic allies and their prosperous populations that purchase American-made goods and services. For example, arbitrarily threatening to punish or even annex a closely allied nation does not endear its citizens to that government or the businesses it represents. So it’s no surprise that Canadians are now boycotting American goods and services. This is devastating businesses in American border towns and hurts the economy nationwide.

    Similarly, the Canadian government has responded to whipsawing U.S. tariff announcements with counter-tariffs, which will slice the profits of American exporters. Close American allies and trading partners such as Japan, the U.K. and the European Union are also signaling their own willingness to impose retaliatory tariffs, increasing the costs of operations to American business even more.

    Modern capitalism depends on smart regulation to thrive. Smart regulation is not an obstacle to capitalism. Smart regulation is what makes American capitalism possible. Smart regulation is what makes American freedom possible.

    Clear and consistently applied legal rules allow businesses to aggressively compete, carefully plan, and generate profits. An arbitrary rule of law deprives business of the true power of capitalism – the ability to promote economic growth, spur innovation and improve the overall living standards of a free society. Americans deserve no less, and it is up to government to make that happen for everyone.

    Robert Bird does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The rule of law is key to capitalism − eroding it is bad news for American business – https://theconversation.com/the-rule-of-law-is-key-to-capitalism-eroding-it-is-bad-news-for-american-business-254922

    MIL OSI –

  • MIL-OSI Africa: Mining industry “filled with exciting opportunities for investors and the economy” – Mantashe

    Source: Government of South Africa

    Despite the challenging global environment, South Africa’s mining industry is an industry on the rise.

    This view was shared by Mineral and Petroleum Resources Minister Gwede Mantashe, who delivered the department’s Budget Vote in Parliament on Wednesday afternoon.

    In his written remarks, Mantashe explained that Mintek – the country’s national mineral research organisation – has completed a study on the state of mining in the country and the Critical Minerals and Metals Strategy for implementation, which shows great potential in the industry.

    “Having produced individual commodity reports on 21 minerals, the critical minerals strategy shows that minerals, such as platinum, manganese, iron ore, coal and chrome ore, are poised to play a critical role in the South African mining industry and the economy for the foreseeable future.

    “In contrast to the sceptic view that the South African mining industry is a sunset industry, with the comprehensive and up-to-date insights into key developments within global commodity markets, mineral production trends in South Africa and the mining sector’s contribution to the economy, we are now more convinced than ever that the South African mining industry is a sunrise industry.

    “This mining frontier is filled with exciting opportunities for investors and the economy,” he said.

    Mantashe acknowledged that the industry is operating in a challenging global landscape.

    Despite these challenges, including escalating trade tensions, evolving geopolitical relationships and the United States of America’s imposition of tariffs on some mineral exports, the industry remains a strong contributor to the national Gross Domestic Product (GDP).

    “Despite the challenging global environment, mining gross value-added rebounded by 0.3% in 2024, from a 0.5% decline in 2023. Effectively, in Rand terms, 2024 saw the mining sector contributing R451 billion to the country’s GDP, thus sustaining the 6% total contribution to the GDP.

    “In the same period, the mining industry’s export earnings totalled R674 billion, comprising R586.4 billion from primary minerals and R87.5 billion from processed minerals, representing a decrease of 0.6% from R678 billion in 2023,” the Minister said.

    Expanding mineral exploration

    The Minister highlighted that the sustainability and future of mining in South Africa is dependent on new mineral discoveries – making the Junior Mining Exploration Fund critical for discovery and transformation.

    “Established through a R200 million allocation from National Treasury, matched by the Industrial Development Corporation (IDC), this fund is poised to unlock new mineral discoveries and drive transformation. The first funding call has already resulted in the signing of legal contracts with black-owned junior miners. 

    “As the country navigates the natural decline of legacy commodities like gold, this fund will enable the discovery of new minerals that are essential for a range of industries, from advanced manufacturing to technology and infrastructure development.

    “Expanding this fund is not just an investment in new mining frontiers but a commitment to ensuring that our mineral wealth contributes to a more inclusive and transformed industry,” he insisted.

    Mantashe noted that, for its part, the Council for Geoscience (CGS) has implemented its Integrated and Multi-Disciplinary Mapping Programme to expand its onshore mapping coverage to meet the needs of the exploration community.

    “This work provides the fundamental basis to outline the mineral potential and geological systems at an enhanced scale, allowing [for] greater clarity to focus on exploration initiatives. 

    “For the 2025/26 financial year, the CGS will continue with the implementation of this backbone programme, both onshore and offshore, to make available key pre-competitive geological data, information and knowledge for considered investment in minerals exploration,” he said.

    The budget

    The department’s budget allocation for the 2025/26 financial year is R2.86 billion, of which R1.16 billion will be transferred to public entities, municipalities, and other implementing institutions to “enable them to fulfil their constitutional mandates”.

    Some specific projects to receive funding include:

    • R134.7 million for the rehabilitation of derelict and ownerless mines implemented by Mintek.
    • R22.4 million for the Mine Rehabilitation Research Project implemented by the Council for Geoscience.
    • R32.3 million allocated to the CGS for the Mine Water Ingress Project.
    • R46.1 million allocated to the Petroleum Agency South Africa (PASA) for the implementation of the Shale Gas Project. 

     – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Secures €250M for Lobito Corridor as Rail Projects Drive African Mining Boom

    Source: APO – Report:

    .

    Africa’s railway sector is undergoing a renaissance, with strategic transport corridors rapidly expanding to unlock the continent’s mineral wealth and strengthen global trade ties. In June, the Africa Finance Corporation secured a €250 million (http://apo-opa.co/3Tje8ph), 10-year loan from Italian development finance institution Cassa Depositi e Prestiti to accelerate the development of the Lobito Corridor – an essential mineral transport network linking Angola, Zambia, and the Democratic Republic of Congo to global markets. The loan will finance the procurement of goods and services from Italian companies for both the corridor and associated renewable energy projects.

    The Lobito Corridor is among several strategic projects that will feature prominently at African Mining Week (AMW), taking place October 1–3, 2025, in Cape Town. AMW will showcase high-impact investment opportunities across Africa’s mining and infrastructure value chains, with a focus on how rail logistics are transforming landlocked mineral-rich regions into competitive, export-oriented hubs.

    Simandou Rail Hits Construction Milestone

    In West Africa, Guinea-Conakry marked a key milestone in June with the completion of a 903-meter tunnel on the 650-km Simandou Railway (http://apo-opa.co/45SkT8V). Once operational by early 2026, the line will transport up to 120 million tons of high-grade iron ore annually from the Simandou deposit — home to an estimated 2 billion tons of reserves. U.S. company Wabtec (http://apo-opa.co/4l9hRlk) was awarded a $248 million contract in February to supply locomotives for the project. At AMW 2025, a high-level panel, “From Mines to Markets: Strengthening Trade and Connectivity for Africa’s Mineral Future (http://apo-opa.co/44sE5Yv),” will explore how megaprojects like Simandou are strengthening Africa’s mineral value chain.

    Mauritania Advances Iron Ore Rail Expansion

    Mauritania has also made strides in rail development, securing a €113 million loan from the European Investment Bank (EIB) (http://apo-opa.co/45SWH6n) in June to co-finance the expansion of a key iron ore railway between Zouérat and Nouadhibou. The project – backed by a total €461 million investment involving national mining company SNIM, EIB and private investors – will optimize exports of Mauritania’s iron ore to international markets. AMW 2025 will provide a platform for global investors to engage with opportunities emerging in Mauritania and similar markets.

    Cameroon Strengthens Bauxite Logistics

    In Central Africa, Australia’s Canyon Resources acquired a 9.1% stake in Cameroon’s national rail operator, Camrail (http://apo-opa.co/4kn52D4), to bolster logistics for the Minim Martap Bauxite Mine (http://apo-opa.co/3TnW8Kn). The acquisition – from TotalEnergies and Société d’Exploitation des Bois du Cameroun – aims to enhance rail access from the mine to port infrastructure, facilitating the export of up to 6.4 million tons of bauxite annually. AMW will feature investment-ready opportunities tied to bauxite and other critical minerals (http://apo-opa.co/45SkV0x) driving the energy transition.

    China Deepens Rail Footprint in Africa

    In East Africa, the China Railway Engineering Group signed a $2.15 billion agreement in February with Tanzania and Burundi (http://apo-opa.co/3ZYN8Pz) to build a 282-km cross-border railway. The line is expected to support the export of up to 3 million tons of minerals annually, improving regional and global market access. In Nigeria, the China Development Bank (http://apo-opa.co/3TZOrdr) provided a $254.76 million grant in January to finance the Kano-Kaduna rail line – a vital link between the Lagos-Ibadan and Kano-Maradi corridors. This project will enhance mineral and energy transportation across West Africa. At AMW 2025, the China-Africa Cooperation on Minerals Roundtable (http://apo-opa.co/45SkWl7) will convene public and private sector leaders to strengthen bilateral ties, while the Invest in Nigeria Infrastructure session (http://apo-opa.co/4la5V2L) will further spotlight opportunities like the Kano-Kaduna rail project as cornerstones of Nigeria’s mining and logistics growth.

    – on behalf of Energy Capital & Power.

    About African Mining Week: 
    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    MIL OSI Africa –

  • MIL-OSI Africa: Eritrea: Seminar on Food Safety in Gash Barka

    Source: APO – Report:

    .

    The regulatory service in the Gash Barka Region has conducted seminars on food safety for both humans and animals, targeting farmers and owners of social service-providing institutions in the sub-zones of Sel’a, Kerkebet, Laelai Gash, Gogni, and Mogolo.

    At the seminars, Mr. Meaze Neguse, an animal resources regulatory expert, warned that unsafe food could endanger the lives of both humans and animals. He emphasized the need for safety and cleanliness throughout the entire food production chain—from farm to consumer—and highlighted the direct link between food safety and environmental protection. He urged all stakeholders in food processing and supply to collaborate with regulatory experts.

    Mr. Hadish Gebremeskel, from the plant regulatory service, gave an extensive briefing on the direct and indirect adverse effects of improper pesticide use. He pointed out the critical consequences of using unapproved or unsafe agricultural medicines without consulting experts, stressing that such practices harm both the environment as well humans and animals. He encouraged farmers to use only approved pesticides and to adopt natural production systems.

    Sub-zone administrators, for their part, stated that the seminars significantly contribute to the goal of “Ensuring Nutritious Food for All and Everywhere.” They called on farmers and food processing enterprises to apply the knowledge gained through the training in their daily operations.

    – on behalf of Ministry of Information, Eritrea.

    MIL OSI Africa –

  • MIL-OSI Russia: Rosneft and the Ministry of Transport of the Russian Federation Agree on Cooperation in Development of Transport Infrastructure

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Ministry of Transport of the Russian Federation signed an Agreement on Cooperation in development of transport infrastructure facilities.

    The document was signed by Rosneft CEO Igor Sechin and Russian Minister of Transport Roman Starovoyt.

    As part of the cooperation, the parties will focus on the construction and modernization of transport infrastructure facilities, and the development of international transport corridors.

    Improving the quality of road service on federal highways, enhancing services for road users, and introducing advanced materials and technologies in road activities will be important areas.  

    Particular attention shall be given to fulfilling government objectives, including the effective implementation of instructions of the Russian President and the RF Government in the area of transport industry and road infrastructure development.

    The signing of the Agreement shows the commitment of Rosneft to development of the country’s transportation infrastructure.

    Department of Information and Advertising
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and Rosprirodnadzor Sign a Cooperation Agreement

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Service for Supervision of Natural Resources (Rosprirodnadzor) signed a cooperation agreement, which provides for consulting and expert support by the Service to the Company in the implementation of its investment projects.

    The agreement was signed by Igor Sechin, Chief Executive Officer of Rosneft, and Svetlana Radionova, Head of the Federal Service for Supervision of Natural Resources.

    The agreement will ensure timely compliance with the requirements of ecological safety and environmental protection while implementing investment projects at the stages of design, upgrade, reconstruction and commissioning preparation.

    An important area of work will be joint elaboration of proposals to improve Russian legislation in the area of environmental protection activities.

    The agreement envisages organizing joint events, such as scientific and practical seminars, creating working groups, as well as arranging advisory and working meetings.

    Department of Information and Advertising
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft Sign an Agreement of Cooperation in HR Training with Indian Management Development Institute and St. Petersburg State University

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    At the XXVIII St. Petersburg International Economic Forum, Rosneft concluded a trilateral agreement of cooperation in HR training with Management Development Institute (Gurgaon, Republic of India) and St. Petersburg State University (St. Petersburg State University).

    The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, Nikolai Kropachev, Rector of St. Petersburg State University, and Professor Arvind Sakhai, Director of the Management Development Institute.

    The agreement provides for training Rosneft employees on joint programs of the St. Petersburg State University Graduate School of Management and the Gurgaon Management Development Institute, as well as exchanging knowledge and experience in the area of technology development in the oil and gas sector, improving the efficiency of operational management, logistics, artificial intelligence and digitalization, etc.

    Besides, there will be visits to Indian companies organized for the Company employees as part of joint educational programs to study current practices in the oil and gas sector.

    The implementation of this Agreement will facilitate developing a long-term mutually beneficial partnership between Rosneft, St. Petersburg State University and the Gurgaon Institute of Management Development, as well as addressing complex business objectives of the Company.

    Note:

    The Management Development Institute was established in 1973 by Industrial Finance Corporation of India. This is the first institute in India to receive the status of “Management Institute” and is one of the best business schools in India. The Institute has 2 international accreditations from AACSB (USA) and AMBA (UK). The Institute’s programs are also accredited by the National Board of Accreditation (NBA), which confirms their compliance with the quality standards of education in India.

    Since 2008 St. Petersburg State University has been a strategic partner university of Rosneft Oil Company. As part of cooperation, Rosneft and the St. Petersburg State University Graduate School of Management are implementing innovative professional development and retraining programs. Employee training takes place on the basis of the Institute of Higher School of Management of St. Petersburg State University. It is the only business school in Russia that is among the top 1% of the best business schools in the world, which is confirmed by the accreditations of the largest international associations EQUIS, AMBA and AACSB. Rosneft facilitates infrastructure development and supports best students and promising teachers. Over 1,500 Company employees have been trained for extended education programs over the period of cooperation.

    Department of Information and Advertising
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and the Ministry of Industry and Trade of the Russian Federation Enter into a Cooperation Agreement

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft and the Ministry of Industry and Trade of the Russian Federation signed a Cooperation Agreement at the XXVIII St. Petersburg International Economic Forum.

    The document was signed by Rosneft CEO Igor Sechin and the Minister of Industry and Trade of the Russian Federation Anton Alikhanov.

    The Agreement expands the scope of cooperation between the Company and the Ministry and provides for implementation of joint initiatives to develop industrial infrastructure in Russia, including through localization and import substitution of foreign technologies and equipment.

    Under the Agreement, the parties will develop cooperation with the aim to support the export of industrial products, provide access to the markets of goods and services, and to carry out foreign trade activities.

    Department of Information and Advertising
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Igor Sechin: Ill-Conceived Strategy Results in Electricity Costs in Europe Five Times Higher Than In the US

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Lifting subsidies for green energy in the US shows that this country, unlike the European Union, is returning to a pragmatic policy, said Igor Sechin, Chief Executive Officer of Rosneft.

    The Company’s CEO noted that in the US, where electricity consumption has returned to growth after a decade of stagnation, the new administration is already revising its energy strategy in favor of traditional sources. For example, President Trump recently signed a series of executive orders aimed at revitalizing the coal industry. Simultaneously with regulations’ mitigation, the US Department of Energy has raised its forecast for US coal production this year by 6%.

    “The lifting of “green energy” subsidies in the US shows that unlike the European Union this country is coming back to a pragmatic policy. This has already led to the fact that the cost of electricity in Europe today is 5 times higher than in the US,” the CEO of Rosneft said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: US Oil Production at Current Prices Peaks – Sechin

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    US oil production at current prices has probably reached its peak, Rosneft CEO Igor Sechin said at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.

    Delivering a keynote speech, the CEO called the energy policy initially announced by the new US administration promising. However, most of these goals have not yet been achieved: tariff wars have led to a drop in oil prices, while taxes for the oil industry remain at the same level and interest rates have not been reduced. Given this backdrop, the number of active drilling rigs has fallen 9% to 439 over the past two months and oil production growth has stalled. In less than a year, the U.S. Department of Energy has lowered its forecast for U.S. oil production by the end of 2025 by 400 thousand barrels per day.

    “At current prices, the USA oil production appears to have peaked,” Sechin said, noting that Diamondback Energy and ConocoPhillips recently voiced this opinion. And Liberty Energy, an oilfield services company founded by U.S. Energy Secretary Chris Wright, expects a significant slowdown in drilling activity in the second half of this year, which should lead to a reduction in the U.S. drilling fleet by about 10% more. “Not surprisingly, against this backdrop, many shale players have already started cutting investments,” said Rosneft’s CEO.

    He noted that the sharp drop in oil prices this year has already led to a revision of investment plans. According to the IEA’s latest estimate, this year, for the first time in five years, global investments in oil exploration and production will drop by 6%, while in the U.S. the drop will amount to about 10%.  “I think this is just the beginning,” the CEO of Rosneft remarked.

    “The new head of the US Treasury Department, Scott Bessent, has repeatedly stated that the success of Trump’s second presidential term requires oil production growth in the US in the amount of three million barrels per day. This is part of a so-called “3-3-3 Plan” which also envisages cutting the US budget deficit down to 3% of GDP and reaching 3% of GDP increase,” Igor Sechin reminded.

    The CEO of the Company also asks the question, what difference does it make for the US market where these barrels will come from? “Quite possibly, those may be barrels produced in OPEC+ countries. Since late last year the alliance has consistently reiterated the need to ramp up production due to changes in consumption,” Sechin said.

    The CEO also noted that in addition to the interest of states, the interests of shareholders should be taken into account. Low oil prices in the current period do not allow many companies to maintain the same level of dividend payments and share buybacks, said the CEO of Rosneft. According to Rystad Energy experts, which Sechin cited, if the oil majors maintain their payments to shareholders, they will have to almost completely abandon investments or significantly increase their debt as early as this year.

    “The fall in prices has already started to affect the major players. BP and Chevron will reduce share buybacks by almost 60% and 30%, respectively , while Aramco has to build up debt to be able to pay dividends,” the CEO said.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: OPEC+ Decision on Production Growth Justified, Oil Reserves at Minimum Level – Rosneft CEO

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft CEO Igor Sechin called decision by OPEC+ to forcefully increase oil production justified and far-sighted.

    During his keynote speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, Sechin noted that the announced increase in production since May this year is three times higher than the alliance’s original plan. In addition, the entire OPEC+ production increase could be pushed back a year ahead of plan.

    “The decision of OPEC leaders to boost production appears today a very forward-looking and, a justified one from the market standpoint, given the consumers’ interest in light of uncertainty pertaining to the scope of the Iran-Israel conflict,” the CEO said.

    At the same time, Sechin noted, “Despite the announced production growth, there can be no question of an oil excess in the market in the long run” as “world oil reserves are now at their lowest levels in five years”.

    “Low oil prices suit consumers in the US, where the inflation-adjusted price of gasoline has already returned to 2019 levels. It is no coincidence that this is happening against the backdrop of the White House’s intensified Middle East policy and the conclusion of a number of agreements with key countries in the region”, – said the CEO of Rosneft.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft CEO Explains EU Attempts to Lower Price Cap on Russian Oil

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    The European Union seeks to increase the efficiency of oil purchases from Russia when it tries to push the reduction of the price cap on Russian oil, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    During his keynote speech, the Company’s CEO noted that the European Union continues to attempt forcing down the price cap on Russian oil to $45 per barrel.

    “I believe that the real purpose of this is the EU’s desire to increase the efficiency of its purchasing from Russia, not to reduce Russian budget revenues, as was publicly declared. Figures confirm this: according to Western experts, since the beginning of 2023, Europe has purchased more than 20 billion euros worth of Russian oil, thus becoming the fourth largest buyer,” Sechin said.

    However, he believes it is obvious that the U.S. will not agree to lower the price ceiling because it would negatively affect the profitability of U.S. oil exports.

    The CEO of Rosneft separately noted the situation in Saudi Arabia, saying that imports of Russian dark oil products after the start of sanctions restrictions allow the kingdom to effectively meet the feedstock needs of its energy industry without affecting oil exports. The volume of fuel oil and vacuum gasoil supplied to the country from Russia over the past 12 months is more than six times higher than four years ago.

    According to Sechin, Indian refiners are using a similar approach today. India, the second-largest buyer of Russian oil, has nearly doubled its exports of oil products to Europe over the past three years.

    “Many producing countries need an oil price much higher than current levels to balance their budgets. Thus, according to IMF calculations, in 2025 this price is more than $90 per barrel for Saudi Arabia’s budget,” Sechin summarized.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin Names Russia, Venezuela, Iran as Key Players to Ensure Global Energy Security

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Russia, Venezuela and Iran are key players in the energy market and global energy security directly depends on their supply, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    “Russia, Venezuela and Iran are key players in the energy market, and global energy security directly depends on their supply. These countries account for one-third of the global liquid hydrocarbons reserves and 15% of the global production. Without their resource base, it is impossible to facilitate the transition to the new landscape of the global energy industry,” the CEO said. 

    At the same time, according to Sechin, Russia’s real contribution to the Global Economy is proportional to its share in the global resource balance. 

    “Our country’s share in global hydrocarbon exports is about 15%. However, the Russian resource base is not only hydrocarbons, but also metals. Russia’s share in gold mining is about 10%, and in the mining of such metals as high-grade nickel and palladium it reaches 20% and 40% respectively,” the CEO said.

    Rosneft CEO also noted that Russia has about 10% of the world’s reserves of rare-earth metals, without which it is impossible to develop modern technologies.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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  • MIL-OSI Russia: ROSNEFT OIL COMPANY 9M 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 9M 2024 HYDROCARBON PRODUCTION AMOUNTED TO 193.4 MLN TOE
    • 9M 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 138.3 MLN TONS
    • 9M 2024 GAS PRODUCTION TOTALLED 67.0 BCM 
    • 9M 2024 EBITDA AMOUNTED TO RUB 2,321 BLN
    • 9M 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 926 BLN
    • 9M 2024 FREE CASH FLOW AMOUNTED TO RUB 1,075 BLN
    • 9M 2024 UNIT LIFTING COSTS AMOUNTED TO $2.8/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for 9M 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

      9M
    2024    		 9M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 7,645 6,612 15.6%
    EBITDA 2,321 2,403 (3.4)%
    Net income attributable to Rosneft shareholders 926 1,076* (13.9)%
    CAPEX 1,052 909 15.7%
    Adjusted free cash flow 1,075 1,157 (7.1)%

    * Revised due to completion of the 2022–2023 acquisition price allocation in 2023.

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft said:

    “Due to the Russian Government’s decisions to cap oil production in addition to the quotas set by the OPEC+ agreement, Rosneft’s operating performance in the reporting period was under pressure. In this context, the Company has been taking additional steps to ensure stable financial results as well as aimed at achieving a sustainable corporate business model.

    The key rate increase resulted in the reduced efficiency of refinery modernization projects that require external financing. The outstripping growth of tariffs of natural monopolies and incremental anti-terrorist security costs exerted additional pressure on the refineries’ performance. In order to protect the shareholders’ interests and avoid losses, Rosneft has been considering the need to suspend refinery modernization projects. At the same time, meeting the domestic demand for quality petroleum products remains a priority.

    Continuous changes in the taxation system have a negative impact on the oil industry. In particular, in the reporting period, net income attributable to Rosneft’s shareholders was negatively affected by the income tax rate increase to 25% from 2025. In accordance with IFRS, this resulted in a restatement of a deferred tax with a negative income effect of RUB 0.2 trillion.

    However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes on our shareholders.

    The reported net income attributable to Rosneft shareholders was also negatively affected by the exchange rate revaluation of foreign currency liabilities due to the weakening of the national currency. For example, during the third quarter, the ruble weakened against the yuan by more than 10%.

    It is worth pointing out that net income attributable to shareholders adjusted for the non-cash effects mentioned above remained mainly unchanged year-on-year.

    Shareholders’ interests remain one of our key priorities. On November 8, the Board of Directors recommended an interim dividend of RUB 36.47 per share which resulted in the semi-annual dividend yield of 7.6%. In full compliance with the corporate dividend policy, a total of RUB 386.5 bln or 50% of H1 2024 net income is recommended to be distributed as dividends.

    In the context of high stock market volatility and taking into account our shareholders’ rights and interests, the Company has resumed its Share Buyback Program previously approved by the Board of Directors.”

    ESG

    In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In 9M 2024, the Lost Workday Injury Severity (LWIS) improved by 33%.

    In 9M 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.

    In 9M 2024, as part of the corporate program to eliminate the environmental legacy, the area of contaminated land reduced by 7% and the volume of oily waste – by 12%.

    In October 2024, Rosneft entered the first quartile in the ESG transparency ranking of the Expert RA credit rating agency. The ranking was compiled based on the analysis of public information on the sustainability performance of 124 Russian companies in four main blocks: environment, society, corporate governance and non-financial reporting standards.

    Operating performance

    Exploration and production

    In 9M 2024, Rosneft liquid hydrocarbons production amounted to 138.3 mln tons (3,753 th. bpd). The indicator performance was primarily driven by the production cap in compliance with the decisions of the Russian Government.

    9M 2024 gas production amounted to 67.0 bcm (1,488 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, the Company’s 9M 2024 hydrocarbon production amounted to 193.4 mln toe (5,241 th. boepd).

    9M 2024 production drilling footage exceeded 9.1 mln meters. Rosneft commissioned over 2.2 th. new wells, 71% of which were horizontal.

    In 9M 2024, Rosneft conducted 1.2 th. km of 2D seismic and 4.8 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 31 exploratory wells with a success rate of 84%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 9M 2024 the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 3 wells with 3 more wells being drilled and 1 more well being tested.

    Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 64 th. meters, while 10 production wells were completed in 9M 2024.

    Drilling and testing of another high-tech well with the horizontal section of 1,000 meters and 7-stage hydraulic fracturing at the Payakha field resulted in a stable oil flow, which confirms the resource potential of the development targets.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. Taking into account local climate patters, preparatory works for pipe laying were carried out during the summer period: more than 24 thousand piles were manufactured and prepared for mounting, over 200 km of the pipeline was welded.

    Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.

    Refining

    9M 2024 refining volume in Russia amounted to 62.6 mln tons.

    The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In 9M 2024, Rosneft produced 1,810 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 133 tons of gasoline reforming catalysts and 272 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1,002 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 9M 2024, the Company sold 32.9 mln tons of petroleum products on the domestic market, including 9.9 mln tons of gasoline and 13.5 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In 9M 2024, Rosneft sold 7.3 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 37%.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.

    In 9M 2024, the Company’s revenue1 amounted to RUB 7,645 bln, representing an increase of 15.6% year-on-year on the back of higher oil prices. EBITDA reached RUB 2,321 bln, and the EBITDA margin amounted to 30%.

    In 9M 2024, the unit lifting costs amounted to $2.8/boe.

    9M 2024 net income attributable to Rosneft shareholders amounted to RUB 926 bln, which is 13.9% lower year-on-year driven by lower EBITDA, and higher debt financing rates, as well as non-cash factors, including the exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    9M 2024 capital expenditure amounted to RUB 1,052 bln, which was 15.7% higher year-on-year due to the scheduled implementation of the Company’s investment program. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 1,075 bln.

    The net debt/EBITDA ratio at the end of September 2024 amounted to 1.2x. The indicator growth was due to payment of final dividends of RUB 307 bln for 2023, as well as depreciation of the national currency.

    1 Includes revenues from sales and equity share in profits of affiliates and joint ventures
    2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
    November 29, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FULL YEAR 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 2024 HYDROCARBON PRODUCTION  AMOUNTED TO 255.9 MLN TOE
    • 2024 LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 184.0 MLN TONS
    • 2024 GAS PRODUCTION TOTALLED 87.5 BCM
    • 2024 EBITDA AMOUNTED TO RUB 3,029 BLN
    • 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 1,084 BLN
    • 2024 FREE CASH FLOW AMOUNTED TO RUB 1,295 BLN
    • 2024 UNIT UPSTREAM COSTS AMOUNTED TO $2.9/BOE
    • THE TOTAL AMOUNT OF PAID TAXES AND OTHER PAYMENTS BY THE COMPANY TO THE CONSOLIDATED BUDGET OF THE RUSSIAN FEDERATION EXCEEDED RUB 6.1 TRLN

    Rosneft Oil Company (hereafter, “Rosneft”, and the “Company”) publishes its results for 12M 2024 prepared in accordance with International Financial Reporting Standards (IFRS).

      12M
    2024    		 12M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 10,139 9,163 10.7%
    EBITDA 3,029 3,005 0.8%
    Net income attributable to Rosneft shareholders 1,084 1,267 (14.4)%
    CAPEX 1,442 1,297 11.2%
    Adjusted free cash flow 1,295 1,427 (9.3)%

     

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:

    “In the reporting year, the Company operated against the backdrop of oil production cap under the OPEC+ agreement, increased taxation, the natural monopolies tariff rises outstripping inflation, incremental anti-terrorist security costs, growing sanctions pressure, and unprecedented interest rates increases.

    Management focused its efforts on revenue and EBITDA growth, while maintaining unit upstream costs at less than $3/boe, which is in line with our strategic objective, as well as on debt burden reduction. At the end of the year the net financial debt/EBITDA ratio amounted to less than 1.2x.

    Rosneft is the country’s largest taxpayer. In 2024, the total amount of paid taxes and other payments made by the Company to the consolidated budget of the Russian Federation exceeded RUB 6,1 trillion1.This is record high both for the Company and for the whole of the Russian market.

    The net income attributable to the Company’s shareholders is lower as compared to the previous year due to the impact of non-cash factors, the main one being the revaluation of tax liabilities due to the income tax rate increase to 25% from 2025. In accordance with IFRS requirements, this resulted in a restatement of deferred tax with a negative income effect of RUB 0.24 trillion. However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes.

    The sizable key rate increase exerted additional pressure on the net income. 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.

    Taking into account our shareholders’ interests and in full compliance with the dividend policy, in February, the Company paid an interim dividend of RUB 36.47 per share. The Company has been paying dividends consecutively since 1999. The dividend base has remained unchanged since the 2011 dividend, which ensures transparency and predictability of the dividend amount. I am pleased to note that in the last year alone the number of our shareholders increased by almost a third and reached 1.5 million people.

    Taking into account the negative macroeconomic environment, the Company forcibly adjusts its strategy to sustain its fundamental value. In 2024, in order to support its stock prices during the periods of sharp decline, the Company continued its Share Buyback Program previously approved by the Board of Directors. At the end of October – beginning of November 2024, when the Russian stock market hit its local lows, Rosneft successfully bought back about 2.6 mln of its shares at an average price of RUB 443.7. The Company used the same mechanism during 2020, when commodity markets suffered a COVID-pandemic related price crisis. At that time, the Company bought back about 0.76% of its shares at an average price of RUB 347.5. The current stake value exceeds the buyback price by more than 1.5х”.

    Operating performance

    Exploration and production

    FY2024, liquid hydrocarbon production amounted to 184.0 mln tons (3,737 th. bpd) on the back of, primarily, the production cap in compliance with the decisions of the Russian Government.

    In 2024, the Company’s gas production amounted to 87.5 bcm (1,455 th. boepd), maintaining Rosneft’s status as the largest independent gas producer in Russia. Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, in 2024, the Company’s hydrocarbon production amounted to 255.9 mln toe (5,192 th. boepd).

    In 2024, production drilling footage exceeded 12 mln meters. Rosneft commissioned over 3 th. new wells, horizontal wells accounting for 72% of that amount.

    In 2024, Rosneft conducted 1.2 th. linear km of 2D seismic and 5.3 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 62 exploratory wells with a success rate of 89%.

    In 2024, Rosneft discovered 7 deposits and 97 new hydrocarbon accumulations to the total of 0.2 bln toe under the AB1C1+B2C2 categories of the Russian reserve classification due to the high efficiency of the Company’s exploration activities. As a result, Rosneft’s hydrocarbon reserves under the Russian classification amounted to 21.5 bln toe (AB1C1+B2C2) at the end of 2024.

    Following an audit under the international PRMS classification (Petroleum Resources Management System), the Company’s 2P hydrocarbon reserves amounted to 11.4 bln toe. The 2P reserves replacement ratio exceeds 100%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 2024, the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 4 wells, with 1 well being drilled and 3 more wells being tested.

    In the reporting year, the project scope expanded from 52 to 60 license areas, and the resource base under the Russian classification increased to 7.0 bln tons of crude oil.

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in 2024, production drilling footage amounted to 92 th. meters, while 11 production wells were completed. Successful drilling and testing of wells at the Payakhskoye field resulted in transportation of produced oil to the nearby Suzun field.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of 2024, over 78,000 piles were installed; 359 km of pipeline were laid, including a 119 km long two-piped section. The Company completed laying and leak testing of the main pipeline crossing the Yenisei River, continues laying the backup pipeline.

    The Company completed most of the work on the construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is underway, and preparatory work for the second one is carried out. Construction of a crude oil delivery and acceptance point and the Suzun oil pumping station is underway. The Company continues with the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In 2024, Rosneft processed 82.6 mln tons of crude oil in Russia.

    Efforts have been made to maintain a high degree of reliability of refining assets and transition to domestic technologies. In particular, Rosneft provides its refineries with proprietary catalysts, which are essential for the production of high-quality motor fuel. In 2024, Rosneft produced more than 2 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 138 tons of gasoline reforming catalysts and 390 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1.6 th. tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Stable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 2024, the Company sold 43.6 mln tons of petroleum products in the domestic market, including 13.1 mln tons of gasoline and 18.1 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting year, Rosneft sold 10.1 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    The Company’s revenue2 for 2024 amounted to RUB 10,139 bln, representing an increase of 10.7% year-on-year on the back of higher Urals prices. EBITDA amounted to RUB 3,029 bln with an EBITDA margin of 29.7%.

    The unit upstream liftng costs in 2024 amounted to $2.9/boe.

    FY2024 net income attributable to Rosneft shareholders amounted to RUB 1,084 bln, which was 14.4% lower year-on-year and driven primarily by higher debt financing rates, as well as non-cash factors, including exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    In 2024, capital expenditures amounted to RUB 1,442 bln, which was 11.2% year-on-year higher due to the scheduled implementation of the investment program at Upstream assets. At the same time, free cash flow3 in the reporting period reached RUB 1,295 bln.

    The net debt / EBITDA ratio at the end of 2024 remained unchanged in comparison with the end of Q3 2024, amounting to 1.2x, despite new negative macroeconomic factors.

    ESG

    Based on 2024 results, Rosneft reaffirmed its leading positions in sustainable development as well as high quality of information disclosure.

    The Company once again became a constituent of the Moscow Exchange – RAEX “ESG Balanced” Index with the best performance among Russian oil and gas companies. Rosneft became the only Russian oil and gas company with an AA ESG-rating assigned by RAEX for its “very high” level of ESG risk and opportunity management, with Rosneft governance rating at the highest AAA level.

    As a result of RAEX research, Rosneft was recognized as a leader of efficient management of water resources, becoming the only Russian oil and gas company among the top-10 rating participants with the highest scores in prudent water consumption, as well as in the quality of corporate policies and programs related to water consumption. The share of recycled and reused water at Rosneft production facilities consistently has exceeded 90% for 10 years.

    Moreover, Rosneft became the only Russian oil and gas company with the highest A+ rating “Leader of Corporate ESG Practices in the Russian Federation” from the Corporate Development Agency “Da-strategy”.

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 2024, the Lost Workday Injury Severity (LWIS) went down by 23%.

    In 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during well drilling operations at Rosneft facilities. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    In 2024, Rosneft reduced the area of contaminated land by 9%, and the volume of oily waste – by 11% under the corporate program for the elimination of environmental legacy. In particular, the Company completed execution of a large-scale remediation program of legacy lands harmed during the Soviet years at the Samotlor oil field. Biological soil productivity was restored at the area of more than 2.2 th. hectares.

    1 Excluding the reimbursement of the excise duty on crude oil, which represents compensation for oil companies’ losses from motor fuels domestic price controls and refinery modernization costs.
    2 Includes sales revenue and income from associated organizations and joint ventures.
    3 Adjusted for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
     March 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    • HYDROCARBON PRODUCTION AMOUNTED TO 61.2 MLN TOE
    • LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 44.6 MLN TONS
    • GAS PRODUCTION TOTALLED 20.2 BCM
    • EBITDA AMOUNTED TO RUB 598 BLN
    • NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS INCREASED TO RUB 170 BLN
    • UPSTREAM LIFTING COSTS AMOUNTED TO $3/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) publishes its results for Q1 2025, prepared in accordance with the International Financial Reporting Standards (IFRS).

      Q1
    2025    		 Q4
    2024    		 % change
    RUB bln
    Revenues from sales and equity share in profits of associates and joint ventures 2,283 2,494 (8.5)%
    EBITDA 598 708 (15.5)%
    Net income attributable to Rosneft shareholders 170 158 7.6%
    Capex 382 390 (2.1)%
    Costs and expenditures 1,927 2,038 (5.4)%

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, noted:

    “In the reporting period, the Company operated in the context of continuous deterioration of the macroeconomic environment that included lower prices and wider discounts for Russia’s Urals crude oil, new sanction restrictions, as well as a stronger ruble.

    The Bank of Russia independently sets the exchange rate of the national currency, considering, primarily, the realities of the financial system. The use of such exchange rate thus does not take into account the economic conditions of the Company’s operations leading to incremental costs associated with the calculation of the tax base, currency conversion, understating the value of oil in rubles and so on.

    In the first quarter of 2025, the Company’s EBITDA was under the additional pressure from rising transportation expenses due to the tariff indexation by the natural monopolies. For example, Transneft oil transportation tariffs have gone up by 9.9% since January 2025, while petroleum product transportation tariffs and freight railroad transportation expenses have increased by 13.8% since the end of 2024.

    Most natural monopolies tariffs, including even the tariffs imposed by the Russian Post, rise outstripping inflation: since early 2024, the price of sending an ordinary postal card has increased by 20%. Electricity tariffs were raised by 9.1% from July 2024 and are scheduled to be indexed by another 11.6% in July 2025.

    Moreover, in accordance with the updated socio-economic development forecast, in 2025, indexation of regulated gas prices, electricity tariffs, and tariffs of grid companies is planned to exceed the forecast inflation rate, accelerating cost inflation.

    In these circumstances, cost control remains our constant priority. In the first quarter of 2025, upstream lifting costs amounted to $3/boe in line with our strategic goal.

    Net income increased quarter-on-quarter but declined year-on-year against the growing key interest rate. For instance, interest expenses on loans and borrowings went up 1.8 times year-on-year.

    Shareholders’ interests remain a top priority for Rosneft. On April 25, the Board of Directors recommended that the General Shareholders Meeting make a resolution on paying a final dividend of RUB 14.68 per share. In this way, the total amount of dividends attributable to shareholders and based on last year results will amount to RUB 51.15 per share”.

    Operating Performance

    Exploration and Production

    In Q1 2025, liquid hydrocarbon production amounted to 44.6 mln tons (3,681 th. bpd) on the back of challenging weather conditions in Central Russia, and oil production cap in compliance with the decisions of the Russian Government.

    In Q1 2025, the Company’s gas production amounted to 20.2 bcm (1,366 th. boe/day). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for around a third of the Company’s gas production.

    As a result, in Q1 2025, the Company’s hydrocarbon production amounted to 61.2 mln toe (5,047 th. boe/day).

    In Q1 2025, production drilling footage exceeded 2.8 mln meters. Rosneft commissioned over 0.6 th. new wells with horizontal wells accounting for 76% of that amount.

    Vostok Oil Project

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in Q1 2025, production drilling footage exceeded 30,000 meters, while 4 production wells were completed. The Company launched pilot production at the Payakhskoye and Ichemminskoye fields with produced oil transported by trucks.

    Work is underway at the Vankor – Payakha – Sever Bay trunk oil pipeline. As of the end of Q1 2025, 104,000 piles were installed, about 450 km of the pipeline were laid, including a 171 km long two-piped section. Most of the work on laying the backup pipeline crossing the Yenisei River was completed.

    The Company completed most of the work on the construction of two cargo berths and a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is in progress as well as preparatory work for the second berth. Construction of a crude delivery and acceptance point at Sever Bay Port terminal and the Suzun oil pumping station is underway. The Company continues the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In Q1 2025, the refining volumes amounted to 19.5 mln tons, demonstrating a quarter-on-quarter decrease. The refining volume trend is attributable to optimization of refinery utilization in view of the current pricing environment and demand, and the need for maintenance and repair works. The refining depth increased to 75.9%, while the light product yields reached 59.9%.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft key priorities. In Q1 2025, the Company sold 9.8 mln tons of petroleum products on the domestic market, including 3.2 mln tons of gasoline and 3.8 mln tons of diesel fuel. 

    The Company is an active trader at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting period, Rosneft sold 2.2 mln tons of gasoline and diesel fuel on the exchange that is 1.7 times higher than the required volume.

    Financial Performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    In Q1 2025, the Company’s revenue1 amounted to RUB 2,283 bln, down 8.5% quarter-on-quarter against lower Urals prices in rubles. At the same time, the rate of costs savings and expense reductions lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, Q1 2025 EBITDA decreased to RUB 598 bln, with an EBITDA margin of 26%.

    In Q1 2025, unit upstream lifting costs amounted to $3/boe.

    In Q1 2025, net income attributable to Rosneft shareholders grew quarter-on-quarter, reaching RUB 170 bln.

    In Q1 2025, capital expenditure amounted to RUB 382 bln due to the scheduled implementation of the investment program mainly at Upstream assets.

    As of the end of Q1 2025, the net debt / EBITDA ratio amounted to 1.36x that is significantly below the minimum covenant under the loan agreements.

    ESG

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In Q1 2025, the Lost Workday Injury Severity (LWIS) went down by 68%.

    Incident prevention measures resulted in a lower number of process safety events at the Company subsidiaries in Q1 2025. In particular, the frequency of incidents related to loss of containment of equipment with severe consequences of Tier 1 (PSER-1) reduced by 13% against Q1 2024, while the frequency of Tier 2 incidents (PSER-2) decreased by 19%.

    In the reporting period, no oil, gas or water shows (release of oil, gas or water to the surface) were registered during well drilling operations at the Company sites. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    The Company leadership in sustainable development received independent external recognition. In April 2025, Rosneft became one of the leaders in the ESG ranking  for the quality of personnel management according to RAEX, Russia’s largest non-credit agency.

    1 Includes sales revenue and income from associates and joint ventures.

    Department of Information and Advertising
     Rosneft Oil Company
     May 30, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and the Ministry of Finance of the Russian Federation Enter into a Cooperation Agreement

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft and the Ministry of Finance of the Russian Federation signed an Agreement on Cooperation in Financial Sector at the XXVIII St. Petersburg International Economic Forum.

    The document was signed by Rosneft CEO Igor Sechin and the Minster of Finance Anton Siluanov.

    The parties intend to establish integrated cooperation in the financial sector in order to facilitate the development and implementation of actions to reduce a negative impact on the Russian Federation and Russian legal entities.

    The Agreement provides for assistance in arranging settlements with friendly countries in national currencies, the development of the medium-term and long-term interbank lending in Russian rubles and currencies of friendly countries, and the development of international communication platforms in the Russian Federation and abroad in order to facilitate the discussion of cooperation in the financial sector.

    Additionally, the parties plan to develop cooperation in the area of expert and analytical activity.  

    Information and Advertising Department
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin Compares ‘Green’ Energy Transition to Utopian Ideas

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Igor Sechin, CEO of Rosneft, compared the “green” energy transition to utopian ideas. According to him, over the last ten years, the cumulative costs of the energy transition have reached 10 trillion dollars, while over the same period the share of solar and wind energy in the global energy balance increased by only 4 p.p. to 6%.

     “According to the IEA, this year alone, the world is investing over $2 trillion in the development of so-called “clean” energy. This is twice as much as investments in fossil fuels, which still account for nearly 80% of global energy consumption,” said the CEO of Rosneft.

    Igor Sechin also emphasized that even a doubling of investments will not give the desired result. According to experts, achieving zero emissions by 2050 requires more than 180 trillion dollars in investments, which means that on average more than seven trillion dollars per year will have to be spent. “as Talleyrand once said: Everything that is excessive is insignificant,” the Company’s CEO remarked.

    Another important point is that the transition to a new type of fuel will require considerable time. “Besides this, regulators in different countries need to develop unified technical standards for new energy sources, providing their universalization and fast adaptation to any market. This is not a simple task,” Igor Sechin concluded.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ‘Net Zero’ Concept Actually Offers Mankind Energy Regression – Igor Sechin

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Proponents of the “net zero” concept are leading humanity to energy regression, said Igor Sechin, Chief Executive Officer of Rosneft, in his report “Odyssey of The Global Economy in Search of The Golden Fleece. The New Landscape of Global Energy”.

    During his speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, the CEO of the Company noted that every time mankind switched to a new type of fuel, the efficiency of the energy system increased and its capabilities expanded. “This was due to the fact that the new energy source usually had a higher energy flux density,” Sechin added.

    He recalled that the outstanding scientist Pyotr Kapitsa proved that energy flux density is a key characteristic of any energy source. “By this indicator, such types of fossil fuels as coal (135.1 W/m2), oil (195 W/m2) and gas (482 W/m2), well as nuclear energy (241 W/m2) are far ahead of both solar (6.6 W/m2) and wind energy (1.8 W/m2). Thus, the concept of ‘net zero’ actually crosses out centuries of progressive development of society, offering mankind an energy regression”, – said the CEO of Rosneft.

    He stressed that European politicians lack the courage to publicly recognize this fact. “Their blind faith in the ‘green’ transition already resembles an addiction. As one of the classics of French literature aptly put: ‘A red nose is a sign of constancy of character’,” Igor Sechin emphasized.

    “Clearly, the integration of renewables requires a profound transformation of infrastructure, the scale of which is underestimated. The IEA estimates that global investment in grid development is two and a half times behind investment in generation,” he concluded.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin Points Out Lack of Scientific Basis for Climate Alarmism

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    From a scientific point of view, the large-scale introduction of RES will not have the expected effect on the climate. The refusal of the main initiators of the climate agenda from its implementation and the termination of preferential financing of “green” projects is confirmed by objective conclusions of a number of scientists. This was stated by Igor Sechin, Chief Executive Officer of Rosneft, during the Energy Panel of the XXVIII St. Petersburg International Economic Forum.

    Sechin noted that the whole concept of “net zero” is based on the assumption of climate destruction due to the growing concentration of carbon dioxide. However, recent studies by Western experts have confirmed earlier conclusions by Nobel laureate John Clauser about the dominant influence of clouds on climate processes. “Even a slight decrease in cloud cover at altitudes below 2,000 meters can increase solar heating of the Earth’s surface by a few per cent. This effect is several times greater than the effect that doubling the concentration of carbon dioxide in the atmosphere would have on climate,” said the CEO of Rosneft.

    According to the conclusions of American physicists Richard Lindzen and William Happer, achieving “net zero” in the U.S. by 2050 will avoid a temperature rise of only two hundredths of a degree Fahrenheit, and worldwide – only thirteen hundredths of a degree. The effect looks obviously disproportionate to the amount of costs required, Igor Sechin emphasized.

    He also noted the ambiguity of the thesis about the reduction of the ice cover, which is often used by supporters of the theory of the “green” transition. Recent studies by Chinese scientists have shown that from 2021 to 2023 in Antarctica there was a significant increase in ice mass, 108 gigatons annually.

    The CEO of Rosneft believes that the development of RES should be based on time-tested traditional energy sources in order not to undermine global energy security. Historically, the energy transition has always been the result of growing inter-fuel competition based on the principle of the greatest efficiency. Therefore, today, coal remains the largest source of electricity in the world and the second largest source of energy with a 25% share of the global energy mix.

     “Global demand for the fuel set a new record of 8.8 billion tons last year and international agencies have once again been forced to revise expectations for peak demand,” Sechin summarized. Despite growing global concern over global warming, global coal consumption has grown by 75% since the Kyoto Protocol was signed in 1997 and by almost 15% since the Paris Agreement was signed in 2015.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –