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 | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |