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Rosneft says 2010 profits rise 64% to $10.67 bln

Russia’s largest oil firm Rosneft, which last month agreed a milestone partnership with BP, saw net profits rise 64 percent to $10.67 billion last year, it said Friday.

Net profits for the fourth quarter 2010 amounted to $3.06 billion, up 19 percent from the third quarter, Rosneft announced, a figure that was at the upper end of analysts’ expectations.

“We achieved very strong results in 2010, substantially outperforming our profitability and operating targets while also limiting controllable cost growth,” Rosneft chief executive Eduard Khudainatov said in a statement.

Driven by higher oil prices and production growth, Rosneft revenues rose by 35 percent in 2010 to $63.0 billion.