Russian state-controlled oil firm Ros-neft’s first set of results after its consoli-dation of TNK-BP assets confirms encouraging headline growth figures — but analysts see worrying financial trends beneath the surface. Rosneft’s financial and operational results for the first half of this year show that the $55bn takeover of TNK-BP boosted the company’s crude output by 74pc on the year to 4.19mn b/d, and over-all production by 83pc to 4.8mn b/d of oil equivalent (WPA, 2 August, p9). Refining throughputs were up by a third. This pushed up revenue by 34pc on the year to 2 trillion roubles ($60.8bn) while its profit increased by 18pc to Rbs137bn.
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