Rosneft lifts profits on higher crude production

Russia’s largest crude producer, Rosneft, increased its net profit on growing hydrocarbons production and sales volume helping offset the oil price drop in the period.

Despite a weaker fourth quarter, the company demonstrated solid full-year growth, including more than doubled net profit of 549 billion rubles and a 27% revenue rise to 8.2tn rubles.

Rosneft's hydrocarbon production amounted to 285.5 million tonnes of oil equivalent in 2018.