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. Last Updated: 07/27/2016

Rosneft Reports 2002 Earnings Up 64%

State-owned oil producer Rosneft said earnings rose 64 percent last year as oil prices increased and the company boosted extraction.

Net income rose to $323.7 million last year, according to U.S. generally accepted accounting principles, Rosneft said. It did not give a dollar figure for 2001 earnings.

"The company is continuing consolidation of subsidiaries," Rosneft said. The outside shareholders' share fell by 10 percent in the company's consolidated balances sheet.

Moscow-based Rosneft, which produces about 6 percent of domestic oil output, plans roughly to triple output to 1.1 million barrels per day by 2013 as it develops new fields. The company has already increased production by 16 percent to 368,000 bpd in the first half of the year.

The company increased investments in assets and projects by 80 percent to 14.9 billion rubles ($490 million) in the first half of the year.

Rosneft's oil reserves increased 12 percent to 2.9 billion barrels last year. Its gas reserves rose by 53 percent to 4.3 billion cubic feet, according to an auditing report by DeGolyer and MacNaughton.

Rosneft plans to boost gas production to 47 bcm in 2013, up from 6.9 bcm expected this year, Prime-Tass quoted company vice president Yury Matveyev as saying last month. Rosneft's first-half gas production rose 1.4 percent to 3.3 bcm

The company said it compared 2002 earnings to 2001 income excluding a one-time gain from the sale of part of its stake in the ExxonMobil-led Sakhalin-1 project in the Pacific Ocean.

Rosneft's revenue rose 15 percent to $2.7 billion last year.