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Oil giant Rosneft posts $175 mln net loss in first quarter


MOSCOW, May 4 (RIA Novosti) - Russia's state-controlled oil producer Rosneft announced on Monday a net loss under Russian Accounting Standards of 5.77 billion rubles ($175 million) in January-March 2009.

In January-March 2008, Rosneft posted a net profit of 65 billion rubles.

Rosneft, which became Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007, said its first-quarter loss had declined more than 90% compared with the fourth quarter of 2008, when the company posted a 65 billion-ruble loss.

Rosneft earlier reported that its net profit calculated to Russian Accounting Standards declined 12.8%, year-on-year, in 2008 to 141.31 billion rubles ($4.2 billion).

Crude production grew 9%, year-on-year, in 2008 to more than 110.1 million metric tons (807 million barrels) of oil. The company expects to produce 112.3 million metric tons (823 million barrels) of oil in 2009.

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