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14

Rosneft Increased its 3Q Net Profit By 80 percent

Russia's state oil giant Rosneft reported a third-quarter net profit of US$1.89 billion

Russia's state oil giant Rosneft reported a third-quarter net profit of US$1.89 billion, an 80-percent year-on-year increase.

The results reflect sharply increased production due to the state-controlled company's acquisition of some of the production units of OAO Yukos, which was dismantled in a series of auctions to meet billions of dollars in back-tax claims.

The quarter ending Sept. 30 was the first full quarter in which the former Yukos units of Tomskneft and Samaraneftegaz were under Yukos operation.

The profits, calculated by U.S. GAAP standards, came on revenues of $13.74 billion a 53-percent year-on-year increase.