Rosneft nine month profit rises 26 %

Russia's oil giant Rosneft saw its net profit in January-September 2011 jump 26 percent year-on-year to $9.6 billion to US GAAP, the company said in a statement on Wednesday. The company's revenue increased 50 percent in the reporting period to $68.024 billion, the company said. The company's capital expenditures increased 45.7 percent in January-September 2011 to $8.981 billion. Rosneft's average oil production hit a new record of 2.4 million barrels per day in the third quarter of 2011 or 2.9 percent up on the same period last year. Output growth was due to the build-up of production at the company's Vankor and Verkhnechonsk deposits in East Siberia, the deposits of its subsidiaries Yuganskneftegaz and Samaraneftegaz, and also at the Sakhalin-I oil and gas project off Russia's Pacific coast.