Net profit of Rosneft down 55.4% in Q3 2006

Net profit of Rosneft decreased by 55.4% in Q3 2006 amounting to 16.369 billion rubles against 36.695 billion rubles in Q2 2006, AK&M reports. The company attributes profit decrease to the growth of average monthly rate of customs duty, increase of oil volumes and price. Rosneft is the third oil company of RF considering production volumes. In 2005 it produced 74.6 million tons of oil and 13.1 billion cubic meters of gas. Proven reserves of Rosneft as of December 31 2005 total 18.9 billion barrels of oil equivalent, including 14.9 billion barrels of oil and 24.4 trillion cubic pounds of gas. July’s IPO of the company amounted to $10.65 billion (the fifth in the world).