Rosneft returns to growth after Russia-Europe pipeline closure | Financial Times

Rosneft returns to growth after Russia-Europe pipeline closure | Financial Times:

Russia’s top crude producer Rosneft returned to profit growth in the third quarter after it restored its oil sales following a temporary Russia-Europe pipeline shutdown.

The state-owned oil group, responsible for about 40 per cent of Russia’s total crude output, increased its net profit attributable to shareholders by 42 per cent year on year to Rbs225bn ($3.6bn) in the July-September period, following a 15 per cent drop in the previous quarter.

The company increased “liquids production quarter on quarter and partially [compensated] for a second-quarter production decline as a result of the restriction of oil intake into Transneft system of trunk pipelines,” the company said. “We restored crude oil refining throughput and strengthened our positions in the traditional markets.”