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    Rosneft to Gain $13.5 Bln Net Profit by End of 2014 - CEO

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    Net income of Russia’s Rosneft will be $13.5 billion by the end of this year, the company’s CEO Igor Sechin said in an interview with the German magazine Spiegel.

    MOSCOW, September 1 (RIA Novosti) - Net income of Russia’s Rosneft will be $13.5 billion by the end of this year, the company’s CEO Igor Sechin said in an interview with the German magazine Spiegel.

    "In the first half of 2014 alone, our income was five billion on revenue of $80 billion. Net profit at the end of the year will be $13.5 billion," Sechin said.

    The funding base of Rosneft will ensure the company’s work for a period over 20 years, and the Western sanctions imposed against it will affect only those fields, which were only planned to be developed in the future, Sechin said.

    In July, the European Union and the United States introduced sectoral sanctions against Russia, restricting exports of products for the oil industry to Russia, in particular equipment for deepwater oil production and the work in the Arctic.

    The EU sanctions package prohibits exporting to Russia technologies and equipment linked to deep water and Arctic oil exploration and production, as well as to shale-oil projects. The United States also introduced sanctions banning future contracts on supplying Russia with technologies and equipment used for hydrocarbon development.

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