RUSSIA'S Rosneft continues to enjoy a disproportionately high oil export quota compared to its domestic industry peers, masking inefficiencies and allowing the company to generate a profit in the first half of this year. According to the company's latest financial report, Rosneft sold more than 51% of its total oil production in markets outside Russia in the six months to the end of June, while Moscow's authorities - in an effort to ensure domestic demand is sated - have traditionally limited other companies' exports to between 35% and 40% of their total output. The report said that Rosneft's earnings from oil exports increased by 46% to 2.8 trillion rubles ($37.3 billion) in the first half of this year against the same period of 2020. Driven by a recovery in domestic energy demand, Rosneft's revenues from oil and products sales at home rose by 24% to 877 billion rubles. Together with other business segments, Rosneft's consolidated revenues jumped by 40% to 3.9 trillion rubles between January and June this year against the same period of 2020. The company - headed by chief executive Igor Sechin - has also reported net income of 382 billion rubles in this period against a net loss of 113 billion rubles last year.
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