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Rosneft Revenues Rise

Rosneft Revenues RiseRosneft Revenues Rise

Rosneft beat first-quarter net income forecasts as profit jumped sevenfold to $1.3 billion buoyed by higher prices, Russia’s biggest oil producer said on Monday.  That topped the $1.2 billion expected by analysts polled by Reuters.  Rosneft, headed by Igor Sechin, a long-standing ally of Russian President Vladimir Putin, has been pursuing an aggressive acquisition policy and expanding its global reach, but also amassing huge debt.  In the past year, together with partners, it bought Indian refiner Essar Oil for $12.9 billion in Rosneft’s first foray into Asia’s refining sector and the biggest foreign acquisition ever in India.  Rosneft, the world’s largest publicly-listed oil company by production, has also secured a deal to develop five fields in Iraqi Kurdistan and agreed to help the region expand its oil pipeline infrastructure through which crude is exported via Turkey to global markets.  January-March cash flow stood at $2.5 billion, the company said. Oil major BP owns 19.75% share in Rosneft.

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