25 November 2009 - 16H29
Profits of Russian oil giant Rosneft fall 53.2%
A worker adjusts a pipe at a Rosneft oil terminal in Arkhangelsk, Russia in 2007. The net profits of Russia's largest oil firm, state-owned Rosneft, plummeted 53.2 percent in the first nine months of 2009 compared to the same period last year.
AFP - The net profits of Russia's largest oil firm, state-owned Rosneft, plummeted 53.2 percent in the first nine months of 2009 compared to the same period last year, the company said on Wednesday.
Net profits for the first three quarters of 2009 were 4.84 billion dollars (3.23 billion euros), compared to 10.345 billion dollars (6.91 billion euros) last year, Rosneft said in a statement announcing its latest results.
Russian energy firms have seen a sharp drop in profits this year as the global economic crisis has pushed down prices for oil and gas from record heights in mid-2008.
The Russian economy, which is highly dependent on oil and gas exports, is expected to contract at least eight percent this year.
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