Rosneft First-Quarter Net Income Falls 25 Percent on Higher Taxes, Costs

(Bloomberg) -- OAO Rosneft, set to become Russia's
largest oil producer, said profit declined 25 percent in the
first quarter on higher export taxes and a weaker dollar.

Net income declined to $602 million from $802 million a
year earlier, state-run Rosneft said in an e-mailed statement
today. That is 7.5 percent higher than the $560 million estimate
in a Bloomberg survey of seven analysts. Revenue advanced 12
percent to $8.2 billion, more than the $8 billion in the survey.


Read more at Bloomberg Emerging Markets News

Rosneft Offers $190 Million for Yukos's Power Assets in Southern Russia

(Bloomberg) -- OAO Rosneft, Russia's state-run oil
producer, offered to buy OAO Yukos Oil Co.'s assets in southern
Russia for 4.9 billion rubles ($190 million) after regulators
blocked the winner of a May auction from acquiring them.

Rosneft made the offer for Yukos's stakes in regional power
utilities and an oil and gas exploration unit on June 9 and is
waiting for an answer, spokesman Nikolai Manvelov said in a
phone interview from Moscow today. Yukos's bankruptcy manager
must reply to Rosneft's offer within 10 days, he said.


Read more at Bloomberg Energy News