In 2008 "Saratovneftegaz" increased net profit by 1,5 times
The Company report says, that In 2008 ОАО "Saratovneftegaz", the subsidiary enterprise of ОАО "RussNeft", increased net profit in comparison with 2007 by 1,5 times - up to 1,467 billion Rubles.
That said, in the fourth quarter "Saratovneftegaz" realized a profit in the amount of 222,5 million Rubles, that is almost by 2,5 times smaller than in the third quarter of the same year (532,4 million Rubles). The quarter reduction of profit of "Saratovneftegaz" accounts for the reduction in yield and increase in miscellaneous expenses.
ОАО "Saratovneftegaz" was incorporated in NК "RussNeft" in December 2005. The enterprise is the major subsurface user of the Saratov Region, producing about 90% of hydrocarbon materials of the Region. Exploitation is carried out on the territory of the Saratov and Volgograd Regions. As of the beginning of 2008 "Saratovneftegaz" realized development of 41 deposits.