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Oil giant Rosneft reports almost 50% net profit drop in 1H09

© Михаил Фомичев / Go to the mediabankRussia's state-controlled oil producer Rosneft
Russia's state-controlled oil producer Rosneft - Sputnik International
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Russia's state-controlled oil producer Rosneft said on Wednesday its net profit under Russian Accounting Standards had declined almost 50% in January-June 2009, year-on-year, to 81.32 billion rubles ($2.6 bln).

MOSCOW, July 29 (RIA Novosti) - Russia's state-controlled oil producer Rosneft said on Wednesday its net profit under Russian Accounting Standards had declined almost 50% in January-June 2009, year-on-year, to 81.32 billion rubles ($2.6 bln).

Rosneft, which became Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007, said its Q2 net profit amounted to 87.09 billion rubles ($2.8 billion) compared with 5.769 billion rubles ($186 million) in net losses registered in January-March 2009.

Rosneft attributed its quarter-on-quarter net profit growth in April-June 2009 to an increase in global prices of oil and petroleum products leading to growth in domestic prices, and also to increased oil output and sales and positive exchange rate differences resulting from a weaker U.S. dollar.

Rosneft earlier reported that its net profit calculated to Russian Accounting Standards declined 12.8%, year-on-year, in 2008 to 141.31 billion rubles ($4.2 billion).

Rosneft's crude production grew 9%, year-on-year, in 2008 to more than 110.1 million metric tons (807 million barrels) of oil. The company expects to produce 112.3 million metric tons (823 million barrels) of oil in 2009.

 

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