Russian oil company Rosneft has notched first-quarter 2008 net income of $2.56 billion, or up over 600 percent over a year ago on more production and strong oil prices.

The result came on revenues of $16.37 billion, up 100 percent year-on-year, the company's U.S.-standard accounting numbers show.

Company production has swelled 24 percent in the span to 2.1 million barrels.

Management also told shareholders in London that Moscow-based company had trimmed its debt by $2.7 billion to $23.57 billion.

”In Q1 2008, Rosneft remained the global leader in terms of growth in crude oil production,” a statement said.

Tags: Rosneft