Rosneft Q3 revenues jump

MOSCOW, November 14, 2017 – Rosneft’s Q3 revenues saw an 81% increase over the same period last year, the company reported on Tuesday.

The company cited the integration of new assets as among the key reasons for is hike in revenues, along with efficient cost control and increased sales.

However, Q3 net profits dropped to RUB 47 billion (USD 791 million) from 64 billion (USD 1.08 billion) for the period last year, which the company said was due to sanctions forcing it to deal with higher interest rates as its foreign currency borrowings were replaced by rubles.

Analysts had predicted the company would see net profits of RUB 66 billion (USD 1.11 billion) for the quarter, in part due to the rise in oil prices.

2017 has been marked by major global investments for Rosneft. The company has pledged investments totalling around USD 3 billion in the Kurdistan Region of Iraq. It also made headlines this year when it took a 49% stake in India’s Essar Oil in a deal valued at USD 12.9 billion.

The new assets were expected to grow in value together with the recovery of oil prices, Rosneft CEO Igor Sechin said in Tuesday’s statement.

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