Rosneft Net Income Falls 20 Percent After Oil Prices Tumble
28 May 2009
Reuters
Russia's state-owned oil company Rosneft has reported a 20% drop in first quarter profits amid the global economic crisis and falling oil prices.
Reuters reports that the company grew from a "second tier producer" into Russia's largest oil company in 2007 after it bought the assets of YUKOS, which "collapsed under the government's back-tax claims of more than $30 billion."