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Rosneft's result hit hard by low oil price

State-owned Russian oil giant Rosneft is struggling with the low oil price. The company suffered major setbacks on revenue as well as profit.

Photo: Gazprom

Even though the company enjoys a virtual state monopoly, Rosneft is unable to dodge the consequences of the sliding oil price on the global market. The company has published its second quarter interim report today, Tuesday, noting a massive decline in profits.

Rosneft's net result plummeted 21.6 percent compared to the same period last year, though the bottom line remained in black with a positive result of around USD 1.9 billion.

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