Rosneft showed a profit of RUR 51.25 billion in quarter one, 2010 in accordance with Russian accounting standards. These figures represent major improvements compared to the previous year. In the first quarter of 2009, the company posted losses of RUR 5.77 billion.

Still, in relation to results for the last quarter of 2009, the company’s performance in the first three months of 2010 exhibited a downward trend. In quarter four, 2009, Rosneft’s profits stood at RUR 60.8 billion. The decline in revenues can be explained by increased export tariffs and taxes imposed on the extraction of hydrocarbons. Moreover, the indexation of transportation rates for monopoly companies in the natural resources sector also pushed the bottom line figure downward.

Over the course of 2009, Rosneft paid back around USD 13.1 billion to its creditors. In 2008, the company’s disbursements of loan balances stood at USD 16.5 billion. 2009 results also show that the company borrowed USD 12.9 billion, which is substantially lower than USD 14 billion that it took out as loans in 2008.

The weighted average of interest rates on the company’s debt was 2.32 percent as of December 31, 2009. In 2008, the interest rate average was at 3.82 percent.

An important event in the company’s development during 2009 was the procurement of a 20-year loan from the China Development Bank in the amount of USD 15 billion. The interest on the loan is based on the London Interbank Offered Rate and, for all practical purposes, will be under 5 percent annually. The repayment of principal will be deferred until 2014. In 2009, Rosneft got USD 10 billion of the amount of the loan. In the current year, the company stands to receive the remaining USD 5 billion.