Russian oil giant Rosneft fears just a few more months of war in Ukraine could inflict lasting damage on its business, Bloomberg reports

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

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

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

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

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