Russia's largest oil producer, OAO Rosneft, which sells Mongolia almost all its oil, has said its fourth-quarter net profit rose 83% from a year earlier on higher oil prices and greater crude oil production. London-listed Rosneft said net profit rose to USD3.06 billion, from USD1.67 billion in the fourth quarter of 2009. The company's capital spending will increase by 24% this year to about USD11 billion this year. It will spend USD2.6 billion to increase production at the Vankor field, and about USD2.1 billion on refinery upgrades. Rosneft also expects to raise oil production around 1% this year from a daily average of 2.32 million barrels last year.
Source: The Wall Street Journal Asia
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