Connect to share and comment

Rosneft beats outlook despite 13% profit fall in Q1

Agence France-PresseApril 30, 2013 11:30
Russia's largest oil producer Rosneft said Tuesday that its net profit slipped 13 percent to $3.3 billion in the first quarter, a period that set the stage for a phenomenal leap in income as a result of its acquisition of the Anglo-Russian joint venture TNK-BP. The state oil firm's reported profit for the first three months of the year was slightly above the consensus. The drop was largely attributed to seasonal factors that lead to weaker sales of petroleum products.

Gazprom 2012 profits fall 10 percent to $38 billion

Agence France-PresseApril 30, 2013 04:30
The world's largest gas company Gazprom on Tuesday again reported colossal net profits for 2012 of $38 billion but the figure was down around 10 percent from the year earlier due to falling sales and rising costs. Profits for 2012 amounted to 1.183 trillion rubles ($38.17 billion) compared to 1.307 trillion rubles ($42.2 billion) in 2011, the leviathan Russian company said in a statement.

Rosneft targets Iraq, squares up to Gazprom

April 23, 2013 10:30
By Vladimir Soldatkin and Dasha Afanasieva MOSCOW/LONDON (Reuters) - Rosneft <ROSN.MM> said on Tuesday it may seek an alliance with ExxonMobil <XOM.N> or other partners in Iraq and double its Russian gas market share by 2020, boosting its credentials as the world's largest listed crude producer. Rosneft's Chief Executive Officer Igor Sechin told reporters that the company is considering teaming up with its long-standing partner, ExxonMobil, in tapping oil and gas in Iraq.

Rosneft's Sechin says to work with TNK-BP minority shareholders

April 23, 2013 06:15
MOSCOW (Reuters) - Igor Sechin, head of Russia's top oil producer Rosneft <ROSN.MM>, said on Tuesday he would cooperate with minority shareholders in TNK-BP Holding <TNBP.MM>, marking an about-turn after investors complained they were not being treated fairly. Sechin, an ally of President Vladimir Putin, said he was waiting for proposals from the shareholders, just months after saying that he had no obligation to them and would not offer a buyout on completion of Rosneft's $55 billion (36 billion pounds) purchase of TNK-BP.

Abramovich slips out of Russia Top 10 rich list

Agence France-PresseApril 18, 2013 07:16
Chelsea football club owner and superyacht enthusiast Roman Abramovich slipped out of the top 10 richest Russians in Forbes magazine's 2013 ranking published on Thursday. The flamboyant steel, mining, real estate and telecommunications tycoon has lost $1.9 billion of his fortune and is now worth just $10.2 billion, putting him into 13th place in Russia and 107th in the world, Forbes said.

Book Talk: Russia's oil riches gained and lost as wheel of fortune turned

April 18, 2013 04:30
By Melissa Akin MOSCOW (Reuters) - Some of the world's biggest fortunes were made and lost when the fall of the Soviet Union threw together a motley gang of brash young tycoons, hard-bitten oilmen and KGB veterans to scrabble for riches amidst the rubble of the Soviet oil industry.

Abramovich slips out of Russia Top 10 rich list

Agence France-PresseApril 18, 2013 03:31
Chelsea football club owner and superyacht enthusiast Roman Abramovich slipped out of the top 10 richest Russians in Forbes magazine's 2013 ranking published on Thursday. The flamboyant steel, mining, real estate and telecommunications tycoon has lost $1.9 billion of his fortune and is now worth just $10.2 billion, enough for 13th place, the Forbes list said. Forbes did not explain Abramovich's fall. He is noted for having one of the world's largest yachts that he uses to travel the world, and which recently docked in New York for the birth of his son.

Rosneft, Japan's Marubeni ink LNG deal

April 17, 2013 08:30
Russia's Rosneft state oil giant announced Wednesday that it had signed a framework agreement with Japan's Marubeni Corporation for the possible construction of a liquified natural gas plant in the Russian Far East. The announcement marks one of Rosneft's biggest efforts to date to diversify beyond the oil market and present a direct challenge to Russia's natural gas firm Gazprom.

Rosneft, Exxon reveal plans for $15 billion Russia LNG project

April 11, 2013 12:16
By Denis Dyomkin ULAN-UDE, Russia (Reuters) - Rosneft <ROSN.MM> and ExxonMobil <XOM.N> on Thursday unveiled details of a $15 billion (9.7 billion pounds) liquefied natural gas project to supply Asia-Pacific markets that would challenge Gazprom's <GAZP.MM> monopoly on Russian gas exports. The Russian and U.S. energy majors have agreed to study the possibility of building the plant to liquefy gas from their joint Sakhalin-1 oil and gas project off Russia's Pacific coast.

TNK-BP shares at historic low on Rosneft's Sechin comments

March 22, 2013 06:15
MOSCOW (Reuters) - Shares in TNK-BP Holding, the traded unit of TNK-BP oil producer, fell more than 14 percent to reach its historic low on Friday after Igor Sechin, the head of Rosneft, reiterated that Rosneft will not buy out TNK-BP shares. Sechin told Rossia-24 TV channel that Rosneft has no plans to buy out TNK-BP shares from minority shareholders. He was speaking after Rosneft completed the $55 billion deal to acquire TNK-BP from BP and AAR consortium of four Soviet-born tycoons.
Syndicate content