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Rosneft increased with 19% the net profit for the quarter

The Russian Rosneft state oil company, which is the largest in Russia in the industry, increased its net profit for the first quarter on an annual basis by 19.4 percent to nearly 2.45 billion dollars, said in a statement. Estimates are under U.S. accounting standard. Rosneft is one of three Russian companies, which generally have 51 percent share of the project pipeline Burgas-Alexandroupolis. Gross profit of Rosneft (before payment of income tax, depreciation and interest on loans) for January to March compared to the same period last year almost doubled to over 4.44 billion dollars. The big difference in the growth rate of gross and net profit of Rosneft explained mainly by exchange rate changes and increases in taxes and transit fees to transport oil. The company at the same time explain that they are able to optimize costs. For the first quarter Rosneft increased its average daily oil production by 8.4% yoy to about 2.29 million barrels. Production of petroleum products has increased by 4%, January-March 2010 it was 12.1 million tonnes.
Rosneft also informed by the company reduced its net debt over the past four months - the end of April to the end of 2009, 2.1 billion dollars to 14.3 billion dollars.