Rosneft reports 55% jump in quarterly profit

29th October 2013, Comments 0 comments

Russia's top oil producer Rosneft reported on Tuesday a 54.7-percent yearly rise in third-quarter profit that came thanks to the recognition of a higher value for the TNK-BP venture it acquired for $55 billion.

The state-owned firm said that $5.2 billion (3.8 billion euros) of its $8.8 billion (6.4 billion euros) in third-quarter profit came from "the effect of the preliminary revaluation of TNK-BP assets."

Rosneft closed its TNK-BP acquisition in March after a battling hard against the tycoon co-owners of the Anglo-Russian joint venture.

The purchase made Rosneft into the world's largest publically-listed oil company and helped account for a healthy rise in crude output for the first nine months of the year.

Rosneft chief executive Igor Sechin listed a series of achievements for the July through September period that included the acquisition of new natural gas stakes -- a new target of the ambitious oil firm.

"In the third quarter we made significant progress in delivering our strategic goals," Sechin said in a company statement.


© 2013 AFP

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