Rosneft net profit doubles thanks to oil pricesStaff Writer | February 22, 2017
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.
Oil Rosneft acquired a controlling stake in Bashneft last fall
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. ■