Russian oil giant Rosneft has turned in third quarter 2007 net income of $1.89 billion, an 80-percent improvement over the year-ago span, when company spending hit what was then a record.

Rosneft’s Web site said its cost per barrel produced had come down just as production had shot up 110 percent to 12 million tonnes of all types of petroleum products. Oil lead the way with a 30 percent spike to 192 million barrels.

With gas production up by 16 percent to nearly 4 billion cubic metres, the new owner of much ex-Yukos property could boast a 53-percent surge in revenues to $13.74 billion for the quarter.

Tags: Rosneft