Rosneft forecasts net profit at 439bn rubles in 2013

The Russian oil giant Rosneft forecasts the net profit at 439 billion rubles ($13.8 billion) in 2013 (28% higher than in the previous year), Rosneft President Igor Sechin said at a meeting with Russian Prime Minister Dmitry Medvedev here on Tuesday. “The oil output will make about 207 million tons this year, we will exceed a gas output of 42 billion cubic meters,” he noted. In September Sechin forecasted an oil output of 206 million tons in 2013 and a gas output of 40 billion cubic meters. In 2012 the Rosneft output reached about 125 million tons of oil and 16 billion cubic meters of gas. Rosneft is the largest Russian state-run, vertically integrated company. The company’s authorized capital makes 105,981,778.17 rubles (about $3.3 million) and is divided in 10,598,177,817 ordinary shares with the nominal value of one kopeck. OJSC Rosneftegaz, which manages the state assets in oil and gas industries, owns 69.5% in Rosneft’s authorized capital. British Petroleum (BP) is the second largest shareholder (19.75%) in Rosneft. According to the International Financial Reporting Standards, the Rosneft net profit went up 18.1% to 137 billion rubles ($4.3 billion) in the first half of 2013, the company’s revenues went up 34% to one trillion 988 billion rubles ($62.3 billion).