* Q3 net income 280 bln rbls vs 284 bln in analyst poll
* Free cash flow 84 bln rbls in Q3 vs 35 bln in Q2
MOSCOW Oct 29 Russian state-owned energy
company Rosneft, the world's biggest listed crude oil
producer, said on Tuesday its third-quarter net income rose to
280 billion roubles ($8.77 billion), slightly missing analyst
forecasts, after its acquisition of smaller rival TNK-BP
Rosneft accounts for 40 percent of Russia's oil production,
the world's largest, and its fast expansion has been a concern
for analysts and some industry players who say that increasing
state involvement in the oil and gas sector undermines
competition, drives up costs and affects production.
Rosneft's net income was up from 35 billion roubles in the
previous quarter and just short of a consensus analyst forecast
of 284 billion roubles. It included a 167 billion rouble upwards
revaluation of TNK-BP.
Adjusted free cash flow stood at 84 billion roubles in the
July-to-September quarter, up from 35 billion roubles in the
previous quarter, Rosneft said.
Its shares were up 1 percent as of 1000 GMT, outperforming a
0.2 percent rise of the broader market.
The company completed the $55 billion acquisition of TNK-BP,
which was Russia's third-largest oil producer, from BP
and a consortium of Soviet-born tycoons in March.
BP became a holder of 19.75 percent of Rosneft as a part of
After the acquisition, Rosneft became the world's top listed
oil producer. It said its oil and liquids production edged up
0.2 percent to 4.193 million barrels per day in the third
quarter compared with the previous three months.
The company plans to more than triple its oil supplies to
China from around 300,000 barrels per day at present. It expects
to publish a full third-quarter report later on Tuesday.