In Second Quarter of 2006 RussNeft Net Profit Increased by 15% - 4.2 Billion Rubles against First Quarter
In the second quarter of 2006 OAO Oil and Gas Company RussNeft net profit has increased by 15% against the first quarter and reached the point of 4.190 billion rubles, company report says. During January-March a.c. RussNeft got the net profit of 3.635 billion rubles, having increased the indicator fourfold against the fourth quarter of 2005.
RussNeft says the profit increase for the reported period is a result of the escalation of the revenue from sales operations, including following payment of profits by subsidiaries (dependant companies) as to 2005. RussNeft comprises 30 producing entities, 3 oil refineries, 2 transporting entities and also a modern distribution network of 300 gasoline filling complexes. Company’s enterprises are in 17 Russian regions and CIS. RussNeft total recoverable reserves exceed 630 million tons. The annual production in 2005 was 17 mln tons of oil.