Rosneft oil giant posts 12.8% net profit dropApril 30, 2013 - 19:51 AMT PanARMENIAN.Net - Russia’s state-controlled oil giant Rosneft reported an IFRS net profit of 102 billion rubles ($3.3 billion) for January-March 2013, down 12.8 percent from the same period last year, the company said on Tuesday, April 30, according to RIA Novosti. Rosneft, which has become the world’s largest publicly traded oil producer after acquiring Russia’s third largest oil firm TNK-BP, said the net profit decrease was attributable to foreign exchange losses and an increase in net finance expenses, which it said were compensated for by an increase in the value of a non-controlling stake in Verkhnechonskneftegaz to its fair value. Rosneft’s revenues grew by 7 percent in the reporting period to 812 billion rubles. “The key event for Rosneft in the reporting period was the acquisition of 100-percent equity interest in TNK-BP. The company has strengthened its leading positions in development of the Russian shelf and signed a number of significant long-term agreements on monetization of hydrocarbon production,” Rosneft CEO Igor Sechin was quoted as saying in the statement. “Dynamic business development had a positive impact on our operational performance – sustainable production growth and building up our reserve base. We have maintained our solid financial position and will continue to work efficiently to increase the shareholder value and investment appeal of our company.” Excluding the impact of the TNK-BP acquisition, revenues decreased by 3.7 percent in comparison with Q4 2012 to 763 billion rubles, “largely due to a seasonal decrease in sales volumes of petroleum products, determined by market dynamics, which was partially compensated by an increase of crude oil sales.” Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |