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Russian oil group Rosneft hit by higher taxes
AFP
MOSCOW
Petroleumworld.com 12 28 06Russian oil giant Rosneft said Wednesday that its net profit in the third quarter of the year had fallen 15 percent over 12 months because of higher tax charges.
In the three months ending September 30, net profit fell to 1.05 billion dollars (800 million euros) from 1.21 billion euros in the same period last year. Sales grew 29.4 percent to 9.17 billion dollars.
State-controlled Rosneft, which floated on the London Stock Exchange in July this year, said the quarterly profit fall was because of higher taxation, in particular higher export duties.
Crude oil production by Rosneft increased by 9.3 percent to 1.62 million barrels per day over the period, while production of refined products decreased by 1.7 percent to 5.68 million tonnes.
In the second quarter, Rosneft had reported a 35-percent fall in net profit to 1.077 billion dollars.
AFP 27 1835 GMT 12 06
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