The world’s largest oil producer, Rosneft, saw third quarter income rocket to $8.8billion following the acquisition of rival TNK-BP.
The Russian state-owned firm, which produces 40% of the country’s oil output, saw figures surge from 35billion roubles to 280billion quarter-on-quarter, thanks to a revaluation of its TNK-BP purchase.
The $55billion takeover of TNK-BP, which was Russia’s third-largest producer, in March has transformed Rosneft’s fortunes and seen it become the largest producer of oil in the world.
Gas production at the firm rose by more than 16%, with overall production reaching 4.9million barrels of oil per day during the quarter as it looks to triple supplies to China to around 900,000 boed.
Shares in Rosneft rose 1%, outperforming a 0.2 percent rise of the broader market.
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