Rosneft beats poll with $3.81 billion Q1 net profit

Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month. BP, the last of the big four western world oil companies to report fourth quarter figures, still beat expectations because of one-off taxes related to its divestments and liability payments, and its shares rose nearly 2%.

Rosneft is seeking to borrow up to US$30-billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe. Four industry sources familiar with the situation told Reuters Rosneft was in talks with China’s state firm CNPC about the borrowing, which would echo a $25 billion deal the two companies clinched last decade.

MOSCOW (Reuters) - Two of the tycoons who shared control

MOSCOW (Reuters) - The board of Russia's top crude producer Rosneft on Saturday recommended the company pays out 3.45 roubles ($0.12) per share in dividends for 2011, up 25 percent from the 2.30 roubles it paid the previous year. That would take the total value of the payout to 36.564 billion roubles ($1.25 billion) and increase dividend yield to 1.65 percent, still one of the lowest among the Russian peers. Analysts said that the average dividend yield in Russian oil and gas sector is expected to come at between 4 and 5 percent. (Reporting by Vladimir Soldatkin; Editing by Lidia Kelly)

Rosneft just overcame Exxon Mobile to become the biggest oil company in the world, and the $55 billion deal was done between friends.

MOSCOW/LONDON (Reuters) - Russia's Rosneft could r