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Russia's Rosneft reports first quarter profit rise of 30pc MOSCOW: Russia's oil giant Rosneft said Friday its net profit rose by 30.2 percent in the first quarter from the same period last year to 56 billion rubles ($1 billion).The results were adjusted however as the company revised its 2014 first-quarter income down from 88 to 43 billion rubles to exclude the exceptional profit from its sale of a stake in Yugragazpererabotka, a gas processing joint venture with Sibur.Sales were down 6.3 percent to 1,288 billion ($23.9 billion) and operating profit as measured by earnings before interest, taxes, depreciation and amortisation decreased by 8.3 percent to 265 billion rubles.Rosneft said that the first quarter was characterised by the "drastically adverse influence of macroeconomic factors" including a dramatic drop in the price of oil that was not sufficiently compensated by the weaker ruble.Rosneft also lamented the "increase in tariffs" by the government for pipeline and railway transport, as well as the ...
Oil prices slip as Greece and Iran rattle market LONDON: Oil prices fell on Thursday as concerns over Greek debt negotiations and the potential easing of sanctions on crude-producing Iran overshadowed strong U.S. demand figures.North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic Basin amid reports of healthier demand for gasoline and diesel in the United States and Europe.But to-the-wire talks between Greece and its international creditors that have thus far ...
Statoil cancels China Oilfield Services rig contract OSLO: Oil major Statoil has cancelled a rig contract with China Oilfield Services some 13 months ahead of the expiry date, the Norwegian company said, blaming overcapacity in its rig portfolio. Statoil suspended its use of the COSL Pioneer last October after cutbacks in the firm's investment plans following a sharp drop in crude prices. "Statoil has not managed to find alternative activity for the rig," it said on Wednesday. Copyright Reuters, 2015 ...
Oil prices mixed after falling LONDON: Oil prices were mixed Thursday after falls the previous day caused by high US output, while the market also tracked talks concerning Iran's nuclear programme.US benchmark West Texas Intermediate for August delivery fell 23 cents to $60.04 from Wednesday's close.Brent North Sea crude for August edged up three cents to stand at $63.52 a barrel in London midday deals.Prices had fallen Wednesday as the weekly US energy inventory report showed domestic output remaining at ...
Total pulls out of Russian gas project PARIS: Total said Wednesday it had pulled out of the Shtokman natural gas project in the Barents Sea, with development of one of the world's largest untouched gas fields apparently falling victim to Western sanctions in Russia."Total has passed to Gazprom its 25 percent share in Shtokman Development AG and expressed its interest to further cooperate on the project should it enter an active phase," the French energy company said, confirming a report in the ...

 





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