Wednesday, Apr. 28, 2004. Page 7
Rosneft '03 Profit Soars to $890M
Bloomberg
Rosneft, the largest state-owned oil producer, said consolidated earnings rose 64 percent last year as the company bought fields and other production assets.
Net income rose to 25.7 billion rubles ($890 million), Rosneft said in an e-mailed statement without providing figures for the year-earlier period. Revenue rose 22 percent to 152 billion rubles.
In December, the company said 2003 profit probably increased 5 percent to about 16 billion rubles.
Rosneft increased output by 21 percent to 390,000 barrels per day last year, as it bought Severnaya Neft, a stake in an Arctic venture led by ConocoPhillips and fields in Siberia. The company expects production to rise by 12 percent to 438,000 bpd this year.
Rosneft added 145 million tons (1.1 billion barrels) of oil reserves last year. Its reserves now total 1.5 billion tons, according to the company's web site.
Rosneft '03 Profit Soars to $890M
Bloomberg
Rosneft, the largest state-owned oil producer, said consolidated earnings rose 64 percent last year as the company bought fields and other production assets.
Net income rose to 25.7 billion rubles ($890 million), Rosneft said in an e-mailed statement without providing figures for the year-earlier period. Revenue rose 22 percent to 152 billion rubles.
In December, the company said 2003 profit probably increased 5 percent to about 16 billion rubles.
Rosneft increased output by 21 percent to 390,000 barrels per day last year, as it bought Severnaya Neft, a stake in an Arctic venture led by ConocoPhillips and fields in Siberia. The company expects production to rise by 12 percent to 438,000 bpd this year.
Rosneft added 145 million tons (1.1 billion barrels) of oil reserves last year. Its reserves now total 1.5 billion tons, according to the company's web site.
