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16

Rosneft's Profit Jumped Fivefold

Russian state oil company Rosneft said on Thursday that profit this year would jump more than fivefold because of the acquisition of Yukos

Russian state oil company Rosneft said on Thursday that its profit in 2005 would jump more than fivefold because of the acquisition of Yukos' largest production unit and higher crude prices.

Net income will climb to about 146.6 billion rubles ($5.1 billion) from 28.3 billion rubles a year earlier, the company said in a statement. Production in 2005 will triple to 1.5 million barrels per day and is forecast to increase 7.2 percent next year.