Russia’s largest oil producer, Rosneft, has posted a 1Q 2010 net income of $2.447 billion under US GAAP.

The bottom line is up 19.4% year on year and 47.8% quarter on quarter, with 1Q EBITDA rising 91.7% year on year to $4.443 billion, on the back of a 78% year on year sales increase to $14.761 billion.

The company attributed the results to higher crude and petroleum product prices coupled with production which edged up 0.6% quarter on quarter and was up more than 8% year on year to 2.28 billion barrels.

Rosneft President, Sergey Bogdanchikov noted the continuation of key investment projects and focus on cost controls.

“Our main achievements in Q1 2010 were high rates of crude oil production and refinery throughput growth, as well as continued successful cost control. Currently, the Company’s main priority is ongoing implementation of the key investment projects, including continued development of the Vankor field to reach the targeted production level by 2014 as well as modernization of refining capacities.”