27 May 2004 03:56
Rosneft consolidated net profit up 44.2% in 2003
MOSCOW. May 27 (Interfax) - Consolidated net profit at Russian oil company Rosneft to Russian accounting standards in
2003 amounted to 21.3 billion ruble, up 44.2% from 2002. Net profit per tonne of crude produced increased 42.9%, the
company said in a press release.
The press release said that consolidated net sales revenue increased 20% to 104.6 billion rubles. Pretax profit
amounted to 32.1 billion rubles - up 32%.
Unconsolidated net profit increased 52% to 18.6 billion rubles in 2003, with unconsolidated net revenue up 18.3% to
75 billion rubles and pretax profit up 46.1% to 23.5 billion rubles.
The main reasons for growth in profits were an increase in oil and gas production and high prices for oil and oil
products.
Rosneft produced 19.6 million tonnes of oil and gas condensate in 2003 and over 7 billion cubic meters of gas, up
21.4% and 8.5% year-on- year respectively.
This growth in oil production was achieved due to the acquisition of 100% of shares in Severnaya Neft, and an
increase in the company's stake in OOO Polar Lights to 50%, the start of development of the Kynsky field in
Yamalo-Nenets autonomous district and increased production by the company's subsidiaries Grozneft, Rosneft-
Sakhalinmorneftegaz and Rosneft-Stavropolneftegaz.
According to an independent audit by DeGolyer & McNaughton, net proven reserves at the company, including
acquired assets, increased 9% to 327.7 million tonnes last year. [RU EUROPE ASIA EEU EMRG ENR CRU OIL RES] rd
[Interfax] |
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