Moscow—Russia’s state-controlled Rosneft posted net profit of Rb112 billion ($3.81 billion) for the first quarter of 2012, down 8.9% on the year, but ahead of analysts’ expectations. The decrease was due to higher rates of mineral extraction tax (MET), excise tax and transport tariffs, as well as the expiry of a tax incentive it had enjoyed on crude produced at its giant Vankor oil field in East Siberia.
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