Russia’s Rosneft said it had paid $ 1.3 billion to the Iraqi Kurdistan government in 2017 as advance payments for oil supplies, announcing a jump in net profit in the third quarter of this year.
The results of the largest oil producer in Russia showed net profit jumped 80 percent year-on-year in the third quarter to 47 billion rubles ($ 792 million) supported by higher crude prices, but came below expectations in a Reuters poll.
Analysts polled by Reuters had expected Rosneft to make a third-quarter net profit of 66 billion rubles.
The company’s sales between July and September rose to 1.5 trillion rubles from 1.22 trillion rubles, in line with the survey results.
EBITDA increased to 371 billion rubles in the third quarter from 292 billion rubles, against expectations of 356.3 billion rubles.