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Rosneft net profit doubles thanks to oil prices

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Staff Writer | February 22, 2017
Oil   Rosneft acquired a controlling stake in Bashneft last fall

Rosneft said net profit doubled in the final quarter of last year compared with the previous three months, as the price of crude oil rose and the company added production through the acquisition of PAO Bashneft.

Net profit stood at 52 billion rubles ($899 million) for the fourth quarter, as revenue grew 21.4% to RUB1.49 trillion. Net profit for 2016 fell 49% from a year earlier due to a fall in the average oil price.

Russian oil companies such as Rosneft have been helped through the recent period of weak oil prices by a tax system that provides relief at lower prices and the weakness of the ruble, which held back costs.

Rosneft acquired a controlling stake in medium-sized producer Bashneft last fall, which it said could bring savings of RUB40 billion through synergies.

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