Rosneft Reports Significant Results for Q1
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Thursday, 12 June 2008 |
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Rosneft has recorded significant first-quarter profits, beating
analysts' estimates, after the purchase of production units and
refineries from bankrupt OAO Yukos Oil Co.
Net income jumped to $2.56 billion from $358 million a year
earlier, the Moscow-based company said in a statement.
That's more than the $2.46 billion median estimate of 10
analysts surveyed by Bloomberg.
Rosneft (state run) was transformed from a second-tier oil
company into Russia's largest producer after buying assets from Yukos.
Rosneft borrowed $22 billion to buy the Yukos units and refineries at
auctions.
Sales in the quarter almost doubled to $16.4 billion. `In general we're pleased with the results, we're
encouraged by the material growth in all the main financial
indicators,'' Rosneft's Peter O Brien, Vice President for Finance
said.
Rosneft's oil output grew 24 percent in the period even as
average Russian production fell. The company produced about 2.1
million barrels a day, according to the company statement. Rosneft refined 40.2 million tons of crude last year, or an
average of 807,000 barrels a day. The company produced 101
million tons of oil last year, an average of 2 million barrels a
day.
PetrolWorld 100608
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