Rosneft sees 2013 earnings at $13.8 billion after TNK-BP deal
MOSCOW (Reuters) - Russia's top crude producer Rosneft (ROSN.MM) expects to earn 439 billion roubles ($13.8 billion) in net income this year after its acquisition of TNK-BP, in line with analysts' expectations.
The company, headed by Igor Sechin, a long-standing ally of Russian President Vladimir Putin, expects to produce 207 million metric tons (4.16 million barrels per day) of crude oil, or almost 40 percent of Russia's total oil production, the world's largest.
Rosneft completed a $55 billion deal to acquire TNK-BP from BP (BP.L) and AAR consortium of Soviet-born billionaires in March and became the world's top listed oil producer by output.
Its rise to the top of the world's oil league has provoked criticism from analysts and non-state companies, who say that the increasing role of state in the economy hinders competition.
Rosneft said it expects to produce around 42 billion cubic meters (bcm) of natural gas this year. The company aims to increase its share of the domestic gas market to 19-22 percent by 2020 from around 9 percent now. It expects to produce over 60 bcm by 2016 and 100 bcm in 2020, of which more than half will be produced at newly acquired projects.
Rosneft's shares fell 1.7 percent by 0904 GMT.
"This is a technical rebound. The Rosneft's forecast mainly coincided with analysts' consensus," Sergey Vakhrameyev from Ankorinvest brokerage said about the shares move.
(Reporting by Vladimir Soldatkin; additional reporting by Olesya Astakhova; Editing by Maria Kiselyova and Louise Heavens)
- Malaysia plane search straddles continent as police focus on crew |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Crimea asks to join Russia after Soviet-style vote |
- Stocks near one-month low as western sanctions on Russia loom |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister