Rosneft Reports 55 Jump In Quarterly Profit

Rosneft Reports 55% Jump In Quarterly Profit

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."

MOSCOW -- Russia's top oil producer Rosneft reported today a 54.7% 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 (IW 1000/38) closed its acquisition of TNK-BP (IW 1000/79) 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 publicly listed oil company and helped account for a healthy rise in crude output for the first nine months of the year.

Rosneft CEO 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 company.

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

Copright Agence France-Presse, 2013

TAGS: Energy
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