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Rosneft first half revenues up 57%

By BFN News | 02:25 PM | Monday 26 July, 2010

First half revenues at oil firm Rosneft rose by 57% to $30.2bn. The firm said the increase was due to the growth of crude oil production - up 8.6% - higher crude oil and petroleum product prices and an increase in volumes of more efficient sales through own marketing network. In Q2, revenues amounted to $15.4bn, which is an increase of 5% quarter-on-quarter. Rosneft's first half EBITDA amounted to $9.2bn - 56% higher than in 2009. It said the increase was tempered by a series of factors beyond its control: real strengthening of the rouble against the US dollar, higher tax payments and growth of transportation tariffs, substantially exceeding inflation rates. In Q2 2010, EBITDA increased by 7% to $4.7bn, which is a record high since 2008. In H1 2010, net income amounted to USD 5.0 bln, up 37% year-on-year. Net income for Q2 2010 reached USD 2.6 bln. In Q2 2010, Rosneft's free cash flow reached a record high of $2.8bn, allowing continued reduction of the company's net debt, which decreased to $15.8bn. Story provided by

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