The Moscow Times reported that Rosneft beat forecasts with a 20% decline in Q1 net profit and repaid USD 2 billion of its debt as oil markets started to recover, boosting shares more than 4%.

Rosneft, which is aiming for a 2% increase in output this year said that lower oil prices reduced Q1 profit to USD 2.06 billion.

Mr Peter O'Brien chief financial officer of Rosneft said Russia's most indebted oil firm cut its net debt to USD 19.24 billion and has the right to draw on the first USD 10 billion of a Chinese loan to ensure that debt repayments are met this year and next

Rosneft's Q1 revenue fell 50% to USD 8.26 billion, while earnings before interest, taxation, depreciation and amortization dropped 51 percent to USD 2.32 billion above the average forecast of USD 2.14 billion.

(Sourced from The Moscow Times)