Rosneft's net income falls 49% in 2016

Baku, February 22, AZERTAC

Russian Rosneft's net income for 2016 decreased by 49 percent to 181 billion rubles ($3.13 billion) compared to 2015, the company announced on Wednesday, according to Anadolu Agency.

The company said the decrease was down to fallen oil prices.

Last year total sales decreased by 10 percent to 4.9 trillion rubles, however, Rosneft's revenues and equity share in profits of associates and joint ventures in the fourth quarter of 2016 increased by 21.4 percent to 1.4 trillion rubles, the company said.

A 10 percent oil price growth, efficient cost control and production increases led to the upturn in the company's revenues in the fourth quarter of last year, according to Rosneft's Chief Executive Officer Igor Sechin.

The company sold 19.5 percent of its shares for €10.5 billion, as part of its privatization goal, to a consortium of Glencore and Qatar's sovereign fund in December 2016.

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