HSBC sees Rosneft’s profit doubling in 2017 on higher oil prices

MOSCOW, Jan 30 (PRIME) -- The profit of oil major Rosneft may more than double in 2017 due to restoration of oil prices, HSBC said in a research note late on January 27.

The company’s interim payments to shareholders should increase transparency of dividend incomes, otherwise they may remain unclear for four to five months after the year end, the research note said.

HSBC expects Rosneft’s shares to grow to U.S. $7.4 from $6.6 after the company bought the government’s stake in oil company Bashneft and after a sale of 19.5% in Rosneft.

In January–September 2016, Rosneft’s net profit calculated under International Financial reporting Standards (IFRS) fell 57.3% on the year to 129 billion rubles on the background of a drop in oil prices. In 2015, the company received a 355 billion ruble net profit.

(60.3196 rubles – U.S. $1)

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