BP estimates its income from Rosneft

BP, the largest private shareholder of Rosneft, has reported that in the third quarter its profit from 19.75% stake in the state-owned company made up $110 million. Thus, the net profit of Rosneft itself could reach $550 million, but, according to the Kommersant’s information, it may be even lower - about 1 billion rubles. The main reason is foreign exchange differences and the fall in oil prices, analysts believe.

Yesterday, the largest minority shareholder of Rosneft, BP (owns 19.75% of shares) in its report for the first nine months of 2014 indicated that its adjusted profit from participation in the state-owned company grew by 26.5% as compared with the same period in 2013 to $1.4 billion. At the same time, in the third quarter, BP was able to earn in Russia only $110 million, 7.3 times less than in 2013. The report notes that in July – September a significant impact on the earnings had depreciation of the ruble and decrease in the Urals oil prices. At the same time, the BP’s share in Rosneft provides production of 1 million barrels of oil equivalent per day (32% of the BP’s production).