Bloomberg News

Rosneft Shares Rally on Profit Tripling, Gas Deal: Moscow Mover

November 01, 2012

OAO Rosneft shares rallied after profit more than tripled in the third quarter and Russia’s biggest oil producer agreed a gas supply deal with OAO Inter RAO, a state-run power utility.

The shares gained 5.9 percent to 246.51 rubles by the close in Moscow. The stock rose for a third day and erased an earlier loss of 0.6 percent.

Net income increased to 181 billion rubles ($5.8 billion) from 56 billion rubles a year earlier, the Moscow-based company said in a regulatory filing today. The company recognized a gain on the acquisition of gas company OOO Itera and crude prices outpaced export taxes.

Separately, Rosneft said it agreed to start supplying as much as 35 billion cubic meters of gas a year to Inter RAO from 2016, according to a regulatory filing today.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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