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Posted AT 2:51 PM EST on 08/04/08

Russia's largest oil producer sees nearly 500 per cent jump in profit

The Associated Press

MOSCOW — State-controlled OAO Rosneft, Russia's largest oil producer, on Tuesday reported its fourth-quarter profit rocketed almost five-fold due to acquisitions and production growth. Profit for the quarter rose to $2.98-billion (U.S.) from $603-million a year earlier. For the fiscal year, profit was up nearly four-fold to $12.86-billion, the company said in a statement.

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